Transcorp Power Plc says it is planning to raise its power-generating capacity to 740 Megawatts, up from the current 550MW capacity by December 2024.

The Managing Director/Chief Executive Officer of the company, Peter Ikenga, disclosed this Monday while presenting the company’s report for the year 2023.

Ikenga said the company was able to increase its earnings despite the challenges of the previous year.

He disclosed that Transcorp was about to sign a power sale agreement with three electricity distribution companies in Nigeria.

Transcorp Power closed the financial year 2023 with gross earnings of N142bn; a 57.3 per cent growth from the N90bn recorded in 2022.

This, the company linked to a surge in energy delivery and expansion charge, coupled with the expansion in the international market, which accounted for 18 per cent of its revenue.

The energy firm made a gross profit of N75bn, up from N42bn year-on-year.

The profit before tax was N52.7bn, while the profit after tax stood at N30.2bn.

Ikenga said the firm had recommended a dividend of N23.46bn for the Financial Year 2023.

He maintained that the company has continued to grow its revenue and bottom line over the years, expressing confidence that the firm will surpass the trajectory going forward.

He stated that the power company is eyeing a peak capacity of 740MW by the end of 2024.

“In a matter of weeks, we will be adding 125MW to the grid, and by the end of summer, we will be bringing an additional 125MW,” Ikenga disclosed.

He remarked that Transcorp Power is targeting a peak generation of 611MW in the financial year.

He informed that the management is planning to increase the capacity of Transcorp Power to 850MW after 2023.

“Beyond 2024, we plan to grow our capacity to over 850MW,” he announced.

The managing director also mentioned that the company was planning to provide electricity to 45 per cent of unserved and underserved Nigerians with renewables.

This, coupled with the cross-border sale of electricity to West African countries, he believed, would boost revenue.

He explained that the company sells power to neighbouring countries because the DisCos could not distribute the power generated by the GenCos.

Transcorp invested in the 972MW Ughelli Power Plant in 2013 and over the years, the power company has become one of the leading power companies in the country.

It is one of the largest gas-fired power-generating stations in the country.

The company was listed on the Nigeria Exchange Limited in March, more than four years ahead of the projection of the chairman of the board of directors of its parent company, Tony Elumelu.