The Federal Government has concluded plans to shop for strategic investors to purchase 80 per cent stake in its 10 thermal power stations spread across the country, under the National Integrated Power Project (NIPP).
The sale, which is in line with the objectives of Niger Delta Power Holding Company (NDPHC) and as mandated by the Board of Directors, will see the prospective power sector investors bidding for the purchase of the thermal power stations through a sale of 80 per cent of the shares in each generation subsidiaries.
And to give the planned sale local and international recognition, the Transaction Adviser, CPCS Transcom International Limited has equally concluded arrangements to hold road shows in Lagos, London and New York.
The National Integrated Power Project (NIPP) was conceived in 2004 as a fast-track government funded initiative to stabilize Nigeria’s electricity supply system while the private-sector led structure of the Electric Power Sector Reform Act (EPSRA) of 2005 took effect.
Besides, the NIPP was equally floated as a public funded initiative to add significant new generation capacity to Nigeria’s electricity supply system along with the electricity transmission, distribution and natural gas transport infrastructure required to deliver the additional capacity to consumers throughout the country.
The deal which is to be supervised by the Niger Delta Power Holding Company (NDPHC)-owners of the NIPP projects, is aimed at divesting the 10 NIPP power generation assets through a sale process to strategic investors.
Each of the ten power generation assets is held by a wholly owned subsidiary of NDPHC.
Also, NDPHC maintained that prospective investors must be an experienced power generation company-a company that owns and/or operates utility size power plants while in the case of a consortium, at least one of the consortium members must be an experienced power generation company(the technical partner),adding that the technical partner shall be responsible for providing operation, maintenance and management services under a long term agreement.
The transactions to be conducted through international competitive bidding, will cover 10 generation companies which include; Alaoji Generation Company Limited-situated near Aba in Abia State with installed capacity of 831.3MW, Benin Generation Company Limited with installed capacity of 507.6MW, Calabar Generation Company Limited with installed capacity of 634.MW, Egbema Generation Company Limited near Owerri in Imo State with installed capacity of 380.7MW, Gbarain Generation Company Limited near Yenagoa in Bayelsa State with installed capacity of 253.8MW. Others are; Geregu Generation Company situated in Ajaokuta in Kogi State with installed capacity of 506.1MW ,Ogorode Generation Company Limited Sapele, Delta State with installed capacity of507.6MW, Olorunsogo Generation Company Limited situated in Ogun State with installed capacity of 754MW, Omoku Generation Company Limited Port Harcourth, Rivers State with installed capacity of 264.71MW and Omotosho Generation Company Limited in Ondo State with installed capacity of 512.82MW NIPP was originally designed around seven medium sized gas fired power stations in the gas producing states, and the critical transmission infrastructure needed to evacuate the added power into the national grid.
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Thursday, 11 April 2013
FG to sell 80% stake in 10 thermal power stations
The Federal Government has concluded plans to shop for strategic investors to purchase 80 per cent stake in its 10 thermal power stations spread across the country, under the National Integrated Power Project (NIPP).
The sale, which is in line with the objectives of Niger Delta Power Holding Company (NDPHC) and as mandated by the Board of Directors, will see the prospective power sector investors bidding for the purchase of the thermal power stations through a sale of 80 per cent of the shares in each generation subsidiaries.
And to give the planned sale local and international recognition, the Transaction Adviser, CPCS Transcom International Limited has equally concluded arrangements to hold road shows in Lagos, London and New York.
The National Integrated Power Project (NIPP) was conceived in 2004 as a fast-track government funded initiative to stabilize Nigeria’s electricity supply system while the private-sector led structure of the Electric Power Sector Reform Act (EPSRA) of 2005 took effect.
Besides, the NIPP was equally floated as a public funded initiative to add significant new generation capacity to Nigeria’s electricity supply system along with the electricity transmission, distribution and natural gas transport infrastructure required to deliver the additional capacity to consumers throughout the country.
The deal which is to be supervised by the Niger Delta Power Holding Company (NDPHC)-owners of the NIPP projects, is aimed at divesting the 10 NIPP power generation assets through a sale process to strategic investors.
Each of the ten power generation assets is held by a wholly owned subsidiary of NDPHC.
Also, NDPHC maintained that prospective investors must be an experienced power generation company-a company that owns and/or operates utility size power plants while in the case of a consortium, at least one of the consortium members must be an experienced power generation company(the technical partner),adding that the technical partner shall be responsible for providing operation, maintenance and management services under a long term agreement.
The transactions to be conducted through international competitive bidding, will cover 10 generation companies which include; Alaoji Generation Company Limited-situated near Aba in Abia State with installed capacity of 831.3MW, Benin Generation Company Limited with installed capacity of 507.6MW, Calabar Generation Company Limited with installed capacity of 634.MW, Egbema Generation Company Limited near Owerri in Imo State with installed capacity of 380.7MW, Gbarain Generation Company Limited near Yenagoa in Bayelsa State with installed capacity of 253.8MW. Others are; Geregu Generation Company situated in Ajaokuta in Kogi State with installed capacity of 506.1MW ,Ogorode Generation Company Limited Sapele, Delta State with installed capacity of507.6MW, Olorunsogo Generation Company Limited situated in Ogun State with installed capacity of 754MW, Omoku Generation Company Limited Port Harcourth, Rivers State with installed capacity of 264.71MW and Omotosho Generation Company Limited in Ondo State with installed capacity of 512.82MW NIPP was originally designed around seven medium sized gas fired power stations in the gas producing states, and the critical transmission infrastructure needed to evacuate the added power into the national grid.
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