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February 20, 2012

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Transcorp Partners with Symbion Power to “Light Up" Africa

 

Lagos, Nigeria – February 20, 2012 – The recently concluded U.S. Energy Trade Mission to Nigeria has resulted in a partnership agreement between Transnational Corporation of Nigeria (Transcorp) and Symbion Power, a U.S.- based energy firm. The U.S. Energy Trade Mission to Nigeria, Mozambique, Tanzania and Ghana, led by Assistant Secretary of State Johnnie Carson and co-sponsored by the Corporate Council on Africa, aims to increase U.S. private sector investment in power infrastructure projects on the continent.

The collaboration between Transcorp and Symbion Power, which began with talks between the two organisations in 2011, was formed with the intent to “light up Africa” by significantly increasing investments in the energy sector. Transcorp, an indigenous conglomerate with an energy subsidiary business that focuses on oil and gas, power and the petrochemical industry, is partnering with Symbion Power for several reasons. Symbion Power has run successful ventures across the Middle East and in Tanzania, where it currently has agreements to provide power to TANESCO, the local power utility.  The firm has an innovative business methodology focused on building capacity and training, which it tailors to meet each country’s unique needs. Symbion Power is known for working closely with local subcontractors and engineers in its projects, which helps transfer knowledge and value to the community.

Given the pivotal role that the power sector plays in the Nigerian economy, Transcorp and Symbion Power believe that this collaboration will assist the efforts of the Nigerian government to improve the power situation in the country.

The relationship between Transcorp and Symbion Power was facilitated by Heirs Holdings, an African investment company that is committed to the economic transformation of Africa through long-term investments in a variety of sectors that create economic prosperity and social wealth.

Commenting on the partnership, Tony O. Elumelu, MFR, who is Chairman of Heirs Holdings and Transcorp said: “Africa is endowed with resources vast enough to meet all her power needs. However, for various reasons, Africa lacks adequate power supply. Power is crucial to the development of Nigeria and Africa – this is why I am excited to partner with Symbion Power to ‘light up Africa’, a move that I believe will help catalyse the economic transformation of not only Nigeria but the entire continent.”

Speaking further, he said: “Power infrastructure projects succeed when fuelled by execution, investment, innovation and scale. The partnership announced today provides immense investment capacity, incredible scale, vast expertise, and Symbion has proven its ability to execute.”

The Chief Executive Officer of Symbion, Paul Hinks, speaking in Lagos about the partnership said, “A transformation is currently underway in Nigeria, and across the African continent.  We are honoured to join forces with Transcorp and be part of energising what experts describe as “the final economic frontier.” Hinks continued, “It is notable that African investors including Heirs Holdings, led by my friend Tony Elumelu, are on the march across the continent, making large strategic investments in Africa’s future, and I commend them for their initiative.”

 

About Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a diversified conglomerate quoted on the Nigerian Stock Exchange with strategic investments in the hospitality, agrobusiness and energy sectors. The Group's assets include oil exploration assets in Nigeria operated by Transcorp Energy; the Transcorp Hilton Hotel in Abuja; the Transcorp Metropolitan Hotel in Calabar; and Teragro, an agricultural processing operator based in Benue State, Nigeria. For more information, visit www.transcorpnigeria.com.

About Symbion Power

Symbion is a U.S.-based energy firm that takes a unique approach to delivering electrical infrastructure projects.  With a deep commitment to empowering local communities, Symbion brings together the knowledge and operational know-how to succeed in challenging construction environments. Symbion Power was built on a foundation of partnership and cooperation. With considerable experience working in the dangerous environments of Iraq and Afghanistan, Symbion brings a unique methodology to every project.  The Symbion management team has extensive experience in the design, engineering and the procurement and construction of complex international electricity projects. Their combined experience covers work in the United States, Africa, the Middle East, Europe, Asia and Australia.  Symbion has offices and subsidiaries in Washington, D.C.; Delaware, USA; Limassol, Cyprus; Cape Town, South Africa; Dubai, U.A.E.; Baghdad, Iraq; Erbil, Kurdistan; Port-au-Prince, Haiti and Dar es Salaam, Tanzania.  For more information, visit www.symbion-power.com. 

About Heirs Holdings

Heirs Holdings is an African-founded and Africa-focused company, deploying proprietary capital over a long-term horizon in the most promising sectors of the African continent: financial services, real estate and hospitality, health care, infrastructure, oil and gas, and agriculture. For more information, visit www.heirsholdings.com.

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