Otedola’s Geregu Power partners Siemens to raise capacity by 765MW

Geregu Power Plc, a power generation company chaired by billionaire tycoon Femi Otedola, has struck a partnership with Siemens Energy to more than double its installed capacity to 1,200 megawatts.

The companies 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”, according to a statement on Friday.

It said the ceremony, which took place in Berlin on 29 May, 2024, involved discussions and proposed implementation of various solutions including the upgrade of Geregu 1 Power plant from its current capacity of 435MW to 500MW.

Others are 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.

“These initiatives are targeted at higher power output, improved efficiency, lower emissions, higher flexibility, longer equipment life span and maximising shareholder value through increased earnings,” the statement said.

Otedola led the Geregu Power team while Dietmar Siersdorfer, managing director, Middle East and Africa led the Siemens Energy team.