Geregu Power Plc has signed a landmark deal with Siemens Energy to upgrade its power plant capacity to 500MW.
Gatekeepers News reports that the partnership aims to enhance sustainable, resilient, and efficient power generation in Nigeria.
The upgrade will involve a comprehensive overhaul of the Geregu 1 power plant, increasing its capacity from 435MW to 500MW. This will be achieved through the implementation of various solutions, including the upgrade of existing infrastructure and the installation of new equipment.
In addition, the partnership will establish combined cycle operations to generate an additional 200MW, bringing the total capacity to 700MW.
Furthermore, new builds using lower emission turbines will be constructed to add 500MW, creating Geregu 3. This will bring Geregu Power Plc’s overall nameplate capacity to 1200MW.
The initiatives aim to increase power output, improve efficiency, reduce emissions, and maximize shareholder value.
The upgrade will also extend the lifespan of the assets, supporting the growth and sustainability of the Nigerian Electricity Supply Industry (NESI).
The deal was signed in Berlin on May 29, 2024, and marks a significant milestone in Nigeria’s quest for sustainable energy generation.
The partnership demonstrates Geregu Power Plc’s commitment to investing in sustainable energy solutions and reducing carbon emissions.
The company’s shares have been on an upward trend, closing at N1,000.00 per share on the Nigerian Stock Exchange (NGX) on Friday, May 31, 2024, representing a 151% gain from the starting price of N399.00 at the beginning of the year.
