Transcorp Power

What Transcorp Power does

Transcorp Power Plc is a Nigerian power generation company (GenCo) listed on the Nigerian Exchange (ticker: TRANSPOWER) and operating as the power sector arm of Transnational Corporation Plc (Transcorp Group), with Heirs Holdings as a key strategic investor. The company operates approximately 2,000MW of combined installed capacity from two gas-fired open cycle thermal power plants: the 972MW Ughelli plant in Delta State (the largest fossil-fuel-based power-generating station in Nigeria, built in four phases using GE Frame 9E and Hitachi H-25 turbines) and the 966MW Afam plant in Rivers State (comprising Afam I-V and the 240MW Afam Three Fast Power). These two assets together represent 15.5% of Nigeria's total installed power capacity. A 60% stake in Abuja Electricity Distribution Company (AEDC), acquired in 2023, extends the company's reach into the distribution layer of the value chain.

The company's revenue is generated primarily through wholesale electricity sales to the Nigerian Bulk Electricity Trading Company (NBET), the regulated sole offtaker operating under the Multi-Year Tariff Order (MYTO) framework administered by NERC. Revenue is split between an energy delivery charge tied to actual generation dispatched (₦293.85 billion in FY2025) and a capacity charge that compensates for available capacity regardless of dispatch (₦104.40 billion). A growing third stream is international cross-border energy sales, which more than doubled to ₦117.05 billion in FY2025 from ₦54.68 billion in 2024. A renewable energy subsidiary (Transcorp Energy Limited) extends the platform into mini-grids and solar through a March 2026 partnership with Renewvia Solar and selection under a World Bank-backed programme for the Federal Capital Territory.

In FY2025, the company reported revenue of ₦398.27 billion (up 30% YoY), profit after tax of ₦91.42 billion (up 14% YoY), and total assets of ₦563.48 billion (up 42%). Average available capacity rose from 417MW to 550MW following the January 2025 commissioning of the GT20 turbine. The company declared a total dividend of ₦41.25 billion for FY2025 and is led by MD/CEO Peter Ikenga, with Vincent Ozoude leading the Transafam subsidiary and Emmanuel N. Nnorom serving as Board Chair. Headcount is reported in the 101–250 range, with operations concentrated at the Ughelli and Afam sites and a corporate office in Abuja.

Name

Transcorp Power

Legal name

Transcorp Power Plc

Website

https://transcorppower.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

Transcorp Power Plc is a Nigerian gas-fired power generation company operating ~2,000MW across the Ughelli and Afam plants (15.5% of Nigeria's installed capacity), selling electricity to NBET and extending into distribution through a 60% stake in AEDC.

Ownership category

akta.pro rank

Product category

Power Generation

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900), Motors & Generators (3621)

akta.pro primary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

akta.pro secondary industries

Electric Distribution System Owners (Wires-Only Companies) (EUADABAI), Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE)

Keywords

• Power generation services
• Gas-fired thermal power
• Electricity generation capacity
• Wholesale electricity supply
• Renewable energy projects

Headquarters

HQ city

Ughelli

HQ country

Nigeria

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Energy Delivery: Revenue from electricity actually delivered to the national grid, representing the largest portion of revenue at ₦293.85 billion in FY2025. This is usage-based revenue dependent on power generation and grid dispatch levels.
2. Capacity Charge: Revenue from available generation capacity regardless of actual dispatch. Provides stable, predictable revenue stream. Capacity charge was ₦104.40 billion in FY2025.
3. International Energy Sales: Cross-border electricity sales that more than doubled to ₦117.05 billion from ₦54.68 billion in 2024, representing a growing revenue stream.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Transcorp Power Plc is a wholesale power generation company that operates gas-fired open cycle thermal power plants, including the 972MW Ughelli Power Plant in Delta State and the 966MW Afam Power Plant in Rivers State, providing approximately 2,000MW of combined installed capacity to the Nigerian national grid. Electricity is sold to the Nigerian Bulk Electricity Trading Company (NBET) and distribution companies, with additional cross-border energy sales and growing renewable energy projects.

Product overview

Transcorp Power is a portfolio of power generation subsidiaries under Transnational Corporation Plc (Transcorp Group). The core offerings are Transcorp Power Plc (Ughelli, 972MW gas-fired plant) and Transafam Power Limited (Afam, 966MW gas-fired plant), together providing approximately 2,000MW of installed capacity — about 15.5% of Nigeria's total installed power capacity. These are supplemented by Afam Power Limited (the operational brand for Afam I–V assets) and Afam Three Fast Power Limited (240MW fast power plant). Transcorp Energy Limited handles the group's expansion into renewables via mini-grid and solar projects. The company also holds a 60% stake in Abuja Electricity Distribution Company (AEDC) to ensure power reaches end users.

Differentiator

Problem solved

Functional benefit

Brands

• Transafam Power: Subsidiary managing the 966MW Afam Power Plant in Rivers State, Nigeria
• Afam Power Limited
• Afam Three Fast Power

Products and services

• Ughelli Power Plant (Transcorp Power Plc) A 972MW gas-fired open cycle thermal power plant located in Ughelli, Delta State, Nigeria, and the largest fossil-fuel-based power-generating station in the country. Built in four phases (Delta I–IV) using Hitachi H-25 and GE Frame 9E gas turbines, the plant supplies wholesale electricity to the national grid via two 330kV and three 132kV transmission lines. Capacity was increased 525% from 160MW to 972MW post-acquisition.
• Afam Power Plant (Transafam Power Limited) A 966MW gas-fired power generation plant located in Okoloma, Oyigbo, Rivers State, Nigeria, comprising Afam I–V power plants (~726MW) and Afam Three Fast Power (240MW). The plant provides baseload and fast-power electricity to the national grid.
• Afam Three Fast Power (240MW) A 240MW fast power plant within the Afam GenCo complex, featuring modern gas turbine technology for rapid capacity deployment.
• Renewable Energy Solutions (Transcorp Energy Limited) Renewable energy projects including off-grid and grid-connected solar mini-grids deployed across Nigeria and planned for expansion across Africa, monetizing Renewable Energy Credits.

Quantifiable outcome

• Capacity increase of 525% from 160MW to 972MW at Ughelli plant
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Renewvia Solar Nigeria LimitedcoreStrategic or Co-development Partner · 28 March 2026Transcorp Energy Limited and Renewvia Solar Nigeria Limited signed an MOU to develop renewable energy projects across Nigeria with plans for expansion into Africa. The partnership aims to provide clean, reliable electricity using both off-grid and grid-connected solutions, and to monetize Renewable Energy Credits.
• Heirs Energies LimitedcoreStrategic or Co-development PartnerHeirs Energies Limited supplies natural gas to the Nigeria Gas Infrastructure Company (NGIC) at pressure exceeding 40 bar for network stabilization. NGIC operates the Obigbo-Afam pipeline network, and Transafam Power receives gas supply at pressure above 20 bar for power generation.
• Nigeria Gas Infrastructure Company (NGIC)coreOthersNGIC operates the gas pipeline infrastructure (Obigbo-Afam pipeline network) that transports natural gas to Transafam Power plants. NGIC provides gas at stable pressure above 20 bar from its shared manifold at NGIC Afam.
• Avon Medical PracticeminorOthersAvon Medical Practice provided specialist doctors for the Transafam Power Elderly Wellness Day CSR program, delivering interactive health talks on healthy ageing, hypertension management, diabetes prevention, and general preventive care.
• Rural Electrification Agency (Nigeria)coreStrategic or Co-development PartnerTranscorp Energy Limited was selected as a successful bidder under the World Bank-supported Utility Enabled Projects programme coordinated by Nigeria's Rural Electrification Agency. The initiative will deploy renewable energy-powered interconnected mini-grids in the Federal Capital Territory.

Scale indicators10 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Egbin Power Plc: Nigeria's largest single gas-fired power plant (~1,320MW) located in Lagos. Direct competitor as the country's other flagship fossil-fuel GenCo selling into NBET under the same MYTO framework.
• Geregu Power Plc: Listed Nigerian gas-fired GenCo (NGX: GEREGU) operating ~435MW across three plants in Kogi State. Closely comparable business model — gas-fired generation selling to NBET under regulated tariffs.
• Mainstream Energy Solutions: Operates the 1,338MW Kainji and Jebba hydropower plants in Nigeria under concession with the Federal Government. Comparable IPP ownership business model selling wholesale power into the national grid.
• Karpowership: Operates floating powerships providing barge-mounted gas-fired power generation across West Africa, including Nigeria. Comparable scale IPP serving grid-constrained markets with similar offtaker structures.
• Ikeja Electric Plc: Nigeria's largest electricity distribution company serving Lagos. Comparable power-sector value-chain player and potential integration partner/rival to Transcorp's AEDC distribution franchise.
• Zungeru Hydroelectric Power Project: 700MW greenfield hydroelectric IPP in Niger State, Nigeria. Comparable large-scale Nigerian IPP selling wholesale power into the national grid under NBET framework.
• Heirs Energies Limited: Nigerian upstream gas producer supplying Heirs Holdings' portfolio, including the OML 17 gas infrastructure feeding Transcorp's Afam plant. Strategic supplier and closely interlinked energy sector player.

Emerging players

• Dangote Power (Dangote Industries): Industrial captive and grid-scale power generation arm of the Dangote conglomerate in Nigeria. Overlap in Nigerian gas-fired power space and emerging scale player competing for generation capacity.

Regional players

• KenGen (Kenya Electricity Generating Company): Kenya's listed state-affiliated power producer with ~1,800MW across geothermal, hydro, and thermal. Comparable listed African GenCo model with diversified generation mix and regulated offtaker structure.

Broad incumbents

• TotalEnergies Nigeria: Major integrated oil & gas player in Nigeria with upstream gas supply to power sector. Strategic adjacency as potential gas supplier and broader energy sector incumbent with overlapping Nigerian power interests.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Transcorppower_
• LinkedInlinkedin.com/company/transcorppower
• Instagraminstagram.com/transcorppower
• Facebookfacebook.com/Transcorppower

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Transcorp Power