Nigeria's Transcorp to spend $1.575 bln to boost power capacity by 2018

LAGOS (Reuters) - Nigeria's Transcorp plans to spend $1.575 billion from 2016 to 2018 to raise its power generation capacity to 2,500 megawatts (MW) from 610 MW now, the company said on Thursday. Transcorp, which also has interest in hotels, oil and gas, said it expected the contribution of its power business to group revenues to rise to 60-65 percent this year from 25 percent last year. The conglomerate was one of several firms to buy government power assets two years ago, sold as part of a privatisation meant to end decades of blackouts in Africa's biggest economy.