Siemens Energy and Geregu Power Plc have partnered to increase the capacity of the nation’s Geregu 1 power plant.
The News Chronicles was able to view the company’s notice to the Nigerian Exchange Limited, which included this information.
To improve sustainable, robust, and efficient power generation, a Memorandum of Understanding (MoU) was signed in Berlin on Wednesday, May 29, 2024, formalizing the relationship.
In order to promote the expansion and sustainability of the Nigerian Electricity Supply Industry (NESI), it was also necessary to guarantee the longevity of assets.
The statement states: “Geregu Power Plc and Siemens Energy have signed a Memorandum of Understanding to jointly develop solutions for capacity expansion at the Geregu power plant towards ensuring sustainable, resilient and efficient power generation.
The initiative is to safeguard the longevity of assets aimed at supporting the growth and sustainability of the Nigeria Electricity Supply Industry (NESI)”.
The statement claims that during the event, representatives from both businesses talked about and put out a number of options, one of which was to increase the 500 MW current capacity of the Geregu 1 Power Plant from 435 MW.
Strategy to establish integrated cycle operations
In order to create Geregu 3, they also intend to build new buildings with lower emission turbines to add 500MW and establish combined cycle operations to generate an additional 200MW.
The measures will raise Geregu Power Plc’s total nameplate capacity to 1200MW, the firm announced.
The statement claims that the topics being discussed include the implementation of several different solutions, such as upgrading the 435 MW Geregu 1 Power plant to 500 MW, establishing combined cycle operations to produce an extra 200 MW, and building new projects using 500 MW of additional capacity of lower emission turbines to create Geregu 3, which would increase Geregu Power Plc’s overall nameplate capacity to 1200 MW.
Power generation
According to the corporation, the measures aim to maximise shareholder value through greater earnings and target better power output, enhanced efficiency, reduced emissions, higher flexibility, and a longer equipment life cycle.
The Siemens Energy Team was led by Mr. Dietmar Siersdorfer, Managing Director of Middle East and Africa, while the Geregu Power Plc team was led by Mr. Femi Otedola, according to a statement signed by the Company Secretary and Mr. Akinleye Olagbende, Chairman Board of Directors of Geregu Power Plc.
On Friday, May 31, 2024, the firm ended the trading day on the Nigerian Stock Exchange (NGX) at a price of N1,000.00 per share. Geregu Power Plc’s share price was N399.00 at the start of the year, and it has subsequently increased in value by 151%.
