Nigeria In One Minute
FG, Investors Negotiate Fresh Terms on Sale of Power Stations
As the federal government resumes privatisation of some national assets, THISDAY learnt at the weekend that negotiation of fresh terms has begun with preferred bidders of three power generation plants of the National Independent Power Projects (NIPPs) that have been slated for sale.
The power plants to be sold in the first phase of the resumed assets sales are 630.5 megawatt (MW)-capacity Calabar power station; 504MW-capacity plant in Geregu, Kogi State; and the 518MW-capacity plant in Omotosho, Ondo State.
The preferred bidders are EMA Consortium, which initially won the NIPP Calabar Genco at $625 million; Omotosho Electric Power, which won Omotosho Genco at $659.9 million; and Seoul Electric Power Ltd that won that of Geregu Genco at $690.2 million.
The three Gencos were built and currently being managed by the Niger Delta Power Holding Company Limited (NDPHC).
THISDAY gathered from reliable sources that in the resumed negotiations, factors such as sources of funds to finance the acquisition; operational statuses of the three plants; and the financial liquidity challenge of Nigeria’s power market have been key priorities to both government and the investors.
THISDAY, November 12, 2018
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