Femi Otedola’s Geregu Energy Plc says it’s going to considerably improve its energy era capability to satisfy the rising power demand within the nation.

The highest-performing power-generating firm led by the Nigerian billionaire will over the subsequent two years increase its operations and improve its complete capability from 435 megawatts to a powerful 1,300 megawatts. The event can even solidify its place as one of many fastest-growing energy corporations in Africa.

This announcement demonstrates the dedication of the Otedola-led power-generating firm to assembly the power wants of Nigerians. It can additionally increase its earnings and income by continued progress within the energy sector.

Talking on the growth plans, CEO of Geregu Energy Plc, Akin Akinfenwa, stated “we wish to run a mixed circle operation on the premise of the present vegetation to ramp up capability to 1,300 MW. So we’re an growth of 900 MW inside a brief interval of two to a few years.”

Otedola’s Geregu Energy Plc

Over time, Geregu Energy has turn into an lively participant in Nigeria’s power. The plant has three pure gas-fired energy vegetation with a mixed capability of 435 megawatts, which represents a powerful 10 per cent of the nation’s complete power era capability.

Geregu Energy was lately shortlisted for the acquisition of the extremely coveted Geregu II energy station, a 507-megawatt pure fuel facility positioned in Kogi State, Nigeria. The acquisition is billed to additional improve the corporate’s market place.

The corporate’s growth plans have attracted a number of institutional buyers, together with the five-per cent stake lately acquired by the Fund for Export Improvement in Africa (FEDA), the influence improvement arm of the African Export-Import Financial institution (Afreximbank).

Stories say that the growing curiosity from each retail and institutional buyers has made Geregu Energy witness a big improve in its share value. The share value rose by 118 per cent from N149 ($0.323) firstly of the yr to N325 ($0.7057). The surge has additional elevated Geregu Energy’s market capitalization to greater than $1.7 billion, making it the eighth most useful firm on the Nigerian Trade.