Bureau of Public Enterprises (BPE) orchestrated the sale. The National Council on Privatization (NCP) witnessed the ceremony. The sale included Afam Power and Afam Three Fast Power. Transcorp paid 105 billion naira ($274.5 million). When the BPE announced the sale in 2019, Transcorp’s naira bid was worth $343.6mn. Investment by Transcorp is the first of many new investments planned in the sector across the value chain. Under Transcorp’s ownership the operational capacity of the facility will be raised to its full capacity.
Transcorp has said it plans to invest $350mn in Afam over five years. The deal takes Transcorp’s generation capacity to 1,936 MW. The company also has a power plant at Ughelli, in Delta State. The NCP chose Transcorp as the successful bidder for the power plant in October 2019. Nigeria privatized its power sector in 2013, at which point Transcorp acquired the Ughelli plant. Improved reliability and energy access have continued to lag. The government struck a deal to sell Afam in 2013 with a group led by Taleras. The government terminated this agreement in 2016. It launched another privatization effort in 2017.