Geregu Power Plc has signed a Memorandum of Understanding (MoU) with Siemens Energy to expand the capacity of its power plant in the country.
Geregu Power disclosed this in the company’s notice to the Nigerian Exchange Limited.
The company noted that the MoU was signed in Berlin, Germany, on Wednesday, May 29, 2024.
It said representatives from both companies discussed and proposed several solutions, including upgrading the Geregu 1 Power Plant from its current capacity of 435MW to 500MW.
The statement read: “Nigeria’s foremost power generation solutions provider, Geregu Power Plc and Siemens Energy have signed a Memorandum of Understanding to jointly develop solutions for capacity expansion at the Geregu 1 power plant towards ensuring sustainable, resilient and efficient power generation whilst safeguarding the longevity of assets all aimed at supporting the growth and sustainability of the Nigeria Electricity Supply Industry (NESI).
“The ceremony which took place in Berlin on Wednesday 29 May 2024 involved discussions and proposed implementation of various solutions ranging from the upgrade of Geregu 1 Power plant from its current capacity of 435MW to 500MW, the establishment of a combined cycle operations to generate an additional 200MW, and new builds using lower emission turbines with an added capacity of 500MW to birth Geregu 3, bringing Geregu Power PLC’s overall nameplate capacity to 1200MW.
“These initiatives are targeted at higher power output, improved efficiency, lower emissions, higher flexibility, longer equipment life span and maximizing shareholder value through increased earnings.”
The company noted that the Chairman of Board of Directors of Geregu Power Plc, Femi Otedola, led the company’s team while the Managing Director of Middle East and Africa, Dietmar Siersdorfer, led the Siemens Energy Team.