📸 Femi Otedola
In a signing ceremony which took place in Berlin on Wednesday May 29, 2024, Geregu Power (Nigeria’s power generating solutions provider) and Siemens Energy have agreed to expand the capacity of the Geregu 1 power plant from the current 435 MW to 500 MW. An upgrade will convert the plant to combined-cycle operations with a view to adding a third power unit that could more than double its overall installed present capacity.
The combined-cycle conversion is expected to boost capacity by 200 MW while installations of new turbines could lead to the establishment of Geregu 3 unit, potentially bringing the plant’s overall nameplate capacity to 1,200 MW.
The power plant currently consists of three simple-cycle gas power units, powered by a Siemens V94.2 /STG5-2000E gas turbines and generators with a combined capacity of 435 MW. Geregu 1 now generates, on average, about 10% of Nigeria’s total electricity consumption.
To finance expansion plans, Geregu Power in 2022 issued a ₦40 billion bond as part of its ₦100 billion bond program.
Last year, the impact investment subsidiary of the African Export-Import Bank acquired a 5% stake in the power generating company, which is listed on the Nigerian Stock Exchange.
ABOUT
Incorporated in 2006, Geregu Power Plc began its operations in 2007 with a mission to generate and supply electric power through Nigeria’s national grid. The company is listed on the Nigerian Exchange, becoming the first power generating company to be listed on the main board of the Nigerian Bourse.
2013: Geregu Power was acquired by Amperion Power Distribution Company Limited (APDCL), a Special Purpose Vehicle (SPV) made up of Calvados Global Services Limited and State Grid Shanghai Municipal Electric Power Company, the biggest power utility company in the world under the privatisation programme of the Dr. Goodluck Jonathan administration.
2014: The APDCL undertook the first major overhaul of the plant at a cost of $94 million. The overhaul increased the plant’s capacity availability and utilisation from 25 per cent to 100 per cent and also increased its nameplate capacity from 414mw to 435mw.
2019: APDCL increased its ownership stake in Geregu from 51 per cent to 80 per cent, reinforcing its commitment to the company and in 2021, APDCL further increased its holding to 100 per cent, taking full control and ownership of Geregu Power Plc.
2023: The company was awarded with its ISO certification (ISO 9001 and ISO 14001), demonstrating a commitment to operating based on the highest quality standards.
As part of its strategic initiatives, Geregu Power Plc is partnering with the Lagos State Government to deliver the state’s first private electricity transmission network.