PHCN Privatisation: Transcorp, Eurafric, Vigeo Pay 25% Bid Price for Power Stations
Ahead of today’s deadline given to preferred bidders to pay 25 per cent of the bid price for the successor generation and distribution companies created from the unbundling of the Power Holding Company of Nigeria (PHCN), three more companies, Eurafric Energy/CMEC Transcorp and Vigeo Power Consortium have paid the mandatory initial payment.
THISDAY gathered that Eurafric, the preferred bidder for the 1,020MW
Sapele power station on Tuesday paid $50,250,000 being 25 per cent of
the bid price for the purchase of 100 per cent equity in the generation
plant, while Transcorp yesterday paid $75million being 25 per cent down
payment for Ughelli Power Plant.
Also, Vigeo Power Limited paid $32.25 million, which represents 25 per
cent of the $129 million bid price for the Benin Electricity
Distribution Company (BEDC). The Benin Disco covers Edo, Delta, Ondo and
Ekiti States.
The Federal Government has so far realised a total of $156.5 million
from the sale of the assets of the Power
Holding Company of Nigeria,
PHCN, under its privatisation programme for the power sector.
With the payments made by Transcorp, Eurafric and Vigeo, this brings to
$314 million received by the Bureau of Public Enterprises (BPE) from
seven bidders for the PHCN assets.
BPE said in a release last week that it has realised a total of $156.5
million from the sale of the PHCN assets slated for sale under the
privatisation programme.
A breakdown showed that Amperion Power Company Limited, the preferred
bidder for Geregu Power Plc, paid $33 million; Integrated Energy
Distribution & Marketing Company, the preferred bidder for Ibadan
and Yola Distribution Companies, paid $42.25 million and $14.75 million
for Ibadan and Yola Discos respectively; NEDC/KEPCO, preferred bidder
for Ikeja Distribution Company ($32.75 million) and West Power &
Gas, the preferred bidder for Eko Distribution Company ($33.75 million).
The payments from six of the investors have come ahead of the deadline,
which expires today, for all the bidders to make the mandatory 25 per
cent payment in line with the Share Purchase Agreement for the
transactions.
Other bidders for the PHCN successor companies are: 4Power Consortium for Port-Harcourt Disco; Aura Energy Limited - Jos Disco; Interstate Electrics Limited - Enugu Disco; KANN Consortium Utility Company Limited - Abuja Disco; Sahelian Power SPV Limited - Kano Disco; Mainstream Energy Solutions Limited - Kainji Power Plc; and North-South Power Company (Shiroro Power Plc).
Other bidders for the PHCN successor companies are: 4Power Consortium for Port-Harcourt Disco; Aura Energy Limited - Jos Disco; Interstate Electrics Limited - Enugu Disco; KANN Consortium Utility Company Limited - Abuja Disco; Sahelian Power SPV Limited - Kano Disco; Mainstream Energy Solutions Limited - Kainji Power Plc; and North-South Power Company (Shiroro Power Plc).
