KEY POINTS
- Transcorp Energy and Renewvia signed a clean power partnership.
- Projects will target grid and off-grid customers.
- Nigeria’s power shortages continue to drive private investment.
Transcorp Energy Limited has joined forces with Renewvia Solar Nigeria Limited to develop renewable power projects across Nigeria, adding fresh momentum to private-led efforts to narrow the country’s long-standing electricity gap.
Partnership targets power shortfalls
The companies signed a memorandum of understanding to roll out clean energy projects across commercial, industrial and residential segments, while extending access to underserved communities. The agreement brings together Transcorp Energy, an integrated energy subsidiary of Transnational Corporation Plc, and Renewvia Solar Nigeria, the local arm of U.S.-based Renewvia Energy Corp.
Both companies said the partnership will pursue grid-connected and off-grid solutions, reflecting the fragmented structure of Nigeria’s power market. The plan also includes expanding operations beyond Nigeria into other African countries as demand for reliable electricity continues to grow.
Nigeria’s electricity shortages remain a drag on economic activity. The country, home to more than 200 million people, generates about 4,000 megawatts of power, a level far below national demand. As a result, businesses and households rely heavily on diesel generators, raising costs and increasing exposure to fuel price swings.
According to Business Day, Chris Ezeafulukwe, managing director and chief executive officer of Transcorp Energy, said the company views the partnership as part of a broader effort to narrow Africa’s energy deficit. He said the agreement aligns with Transcorp Energy’s strategy to provide renewable power solutions across multiple sectors of the economy.
Renewables draw foreign interest
The agreement allows both companies to aggregate and monetise renewable energy credits generated from their projects. That could create additional revenue streams as voluntary and compliance carbon markets continue to develop across Africa. The companies did not disclose financial terms or project timelines.
For Renewvia, the deal offers a pathway into Nigeria’s complex power sector through a well-established local partner. Transcorp Energy operates the 972-megawatt Afam Power Station and holds interests in oil and gas assets. Those holdings provide existing infrastructure and customer relationships that could support faster project deployment.
Trey Jarrard, chief executive officer of Renewvia Energy, described Nigeria as a cornerstone market for the company’s African strategy. He said working with Transcorp Energy would support rapid scale while delivering clean and resilient power to customers.
The partnership reflects growing interest from international renewable developers in African markets, despite regulatory hurdles and financing constraints. Solar technology costs have fallen sharply over the past decade, improving the competitiveness of distributed generation against diesel power.
Nigeria’s government has sought to raise the share of renewables in the energy mix through tax incentives and faster permitting. The country is targeting 30 percent renewable energy penetration by 2030, compared with single-digit levels today.
Transcorp Energy and Renewvia said they aim to build a scalable pan-African renewable platform serving different customer segments. They did not provide initial investment figures or capacity targets. The agreement adds to recent renewable deals in Nigeria, including solar investments announced by TotalEnergies SE and Shell Plc to power operations and supply third parties.
