By Obas Esiedesa, Abuja

The Abuja Electricity Distribution Company, AEDC, has signed a Memorandum of Understanding (MOU) with TransAfam Power to supply 50 Megawatts of embedded power to Idu Commercial Hub in Abuja.

A statement by AEDC yesterday said the MOU was executed by AEDC MD/CEO, Chijioke Okwuokenye, and MD/CEO, Transafam Power Limited, Vincent Ozoude, during the Summit on Accelerated Scale-Up of Renewable and Distributed Energy Resources in Nigeria, hosted by the Nigerian Electricity Regulatory Commission.

AEDC and TransAfam are subsidiaries of Transcorp Power Limited.

The deal, according to AEDC’s Head, Marketing and Corporate Communications, Adefisayo Akinsanya would fulfill the company’s 82 percent of the Nigerian Electricity Regulatory Commission’s requirement for embedded power generation and ensure reliable and consistent power supply to the Idu Industrial Cluster.

“The deal marks a further demonstration of AEDC’s transformation agenda, entering the power generation sector and reducing reliance on the local grid. The investment, further evidence of the turnaround strategy following Transcorp’s acquisition of 60% of AEDC, will significantly advance AEDC’s mission in providing stable and dependable electricity in the Federal Capital.

“The partnership demonstrates the strategy of Transafam, a leading power generator and subsidiary of Nigeria’s largest, listed conglomerate, Transcorp Group, to further expand its power portfolio, to provide on-grid and embedded generation. The deal is further evidence of Tony Elumelu led Transcorp’s championing of its integrated energy strategy, bringing Nigeria’s natural resources and power infrastructure together to catalyze growth”, Ms Adesanya added.