25 investors bid for PHCN power generation coys

A total of 25 prospective investors have submitted technical and financial bids for the six electricity generation companies of the Power Holding Company of Nigeria, PHCN.

The Federal Government had set a revised timeline of August 17, 2012 as deadline for receipt of technical and financial bids from the potential investors.

The four thermal power generating companies slated for privatisation are: Ughelli Power Plc, situated in Delta area in South-South region of Nigeria with a total installed capacity of 972 MW;  Geregu Power Plc- situated in Kogi State in North Central Nigeria with a total installed capacity of 414 MW;

The others are: Afam Power Plc, comprising Afam I-V power stations located in Rivers State, South-South Nigeria with an installed capacity of 776 MW; Sapele Power Plc in Sapele, Delta State, South-South Nigeria with an installed capacity of 1020 MW.

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There are equally two hydro power generating companies up for sale, namely: Kainji Power Plc comprising Kainji Power Plants and Jebba Power Plants located in Niger and Kwara States respectively in North-Central Nigeria and Shiroro Power Plc at the Shiroro Gorge, Niger State in North-Central Nigeria.

The next stage of the privatisation exercise, according to the spokesman of the BPE, Mr. Chukwuma Nwoko, will be the harvest of the bidders’ technical and financial proposals for distribution companies. It has July 31, 2012 as deadline.

The transaction timeline also reveals that the evaluation of the technical bids will take place between August 14 and 28, 2012. The National Council on Privatisation, NCP, will approve the results of the technical evaluation on/or before September 11, 2012.

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The deadline for the shortlisted bidders for generation companies to submit their letters of credit is September 18, 2012 while October 2, 2012 is for shortlisted bidders for distribution companies.

The BPE will, between September 25, 2012 and October 10, 2012, open the financial bids of prospective investors for the privatisation of the successor companies.

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