Transcorp Power has fully paid off $215 million US dollar loans and will be channeling new forex inflows to finance Capital Expenditure (CAPEX), its Chief Finance Officer, Evans Okpogoro announced on Monday.
Speaking during an investors conference, held for Transcorp Power Plc, he said the loan was fully paid in January this year.
“We are also excited that we have now fully paid off the USD loan in January 2024. We had a balance of $1.6mn from the $215mn syndicate acquisition loan. We had expected the inflow to come in December 2023 to clear off the balance, but the inflow came in early January 2024 and the full and final loan repayment was made January 9, 2024. With this our FCY inflow will now be used to finance our CAPEX,” he said in his presentation.
Also speaking at the event, Managing Director/CEO, Transcorp Power, Peter Ikenga, achieving 24-hour power supply will require massive investments across the power value chains including grids and distribution. He added that achieving the feat will also entail blocking all leakages in the sector.
Ikenga said that the signing of the Electricity Act will further open up the power sector and create more liquidity for its operations. He said an increase in energy delivery will equally impact positively on the sectoral revenue.
Continuing, Okpogoro, said Transcorp Power closed financial 2023 with gross earnings of N142 billion representing 57.30 per cent year on year growth. The growth in revenue is driven by a surge in energy delivery and capacity charge, coupled with the expansion into international markets and the international market accounted for 18 per cent of its revenue.
Credit: thenationonlineng.net
