Amperion Power Distribution Company with a bid of US$132 million was named as the preferred bidder for the a 51% share of Geregu power.
Mainstream Energy Solutions which offered an annual fee of US$50.76 million and a commencement fee of US$257 million is the preferred bidder for the Kainji hydro power concession.
North-South Power is the preferred bidder for Shiroro hydro power, having offered an annual fee of US$23.6 million and a commencement fee of US$111.65 million.
Transcorp/Woodrock/Sumbion/Medea/PSL/ Thomassen with a bid of US$300 million is the preferred bidder for a100% share of Ughelli Power. Amperion Power Distribution Company with a bid of USD$252 million is a reserve bidder for 100% of Ughelli Power. Also approved by NCP was Feniks Electricity as a reserve bidder for Ughelli Power subject to its bid being revised to match the reserve price.
CMEC/Eurafric Energy joint venture consortium is the preferred bidder for 100% of Sapele Power, having offered US$201 million. JBN-Nestoil Power Services with a bid of USD$106.5 million is the reserve bidder for 100% of Sapele Power.
NCP approved preferred and reserve bidders for the distribution companies are:
Abuja Distribution Company: Kann Consortium Utility Company is the preferred bidder.
Benin Distribution Company: Vigeo Power Consortium is the preferred bidder.
Eko Distribution Company: West Power & Gas is the preferred bidder; Honeywell was approved as the reserve bidder.
Enugu Distribution Company: Interstate Electrics is the preferred bidder; Eastern Electric Nigeria was approved as the reserve bidder.
Ibadan Distribution Company: Integrated Energy Distribution & Marketing is the preferred bidder; NEDC/Kepco was approved as the reserve bidder.
Ikeja Distribution Company: New Electricity Distribution Company (NEDC)/Kepco is the preferred bidder; Vigeo Power Consortium was approved as the reserve bidder.
Jos Distribution Company: Aura Energy is the preferred bidder.
Kano Distribution Company: Sahelian Power SPV is the preferred bidder.
Port Harcourt Distribution Company: 4Power Consortium is the preferred bidder.
Yola Distribution Company: Integrated Energy Distribution & Marketing is the preferred bidder.
After the approval of the results of the financial bids by the NPC, the highest ranked bidder for each generation or distribution company will be required to post an additional bid security in the form of a letter of credit or bank guarantee for 15% of the transaction value within fifteen business days of notification from the Bureau of Public Enterprises (BPE).
According to NCP, the preferred bidder’s bank guarantee shall be from a Standard & Poor (S&P) or Moody & Fitch A rated foreign bank, with a correspondent bank in Nigeria or a Nigerian bank rated A by a rating agency approved by SEC and be valid through 21 calendar days after the stipulated proposal validity period or any extended proposal validity period.
The designated preferred bidder will be invited for negotiations with BPE and within 15 business days after signing of the sale and purchase agreement, the shareholders’ agreement or the performance agreement whichever is earlier, or at a mutually agreed earlier time, the bidder shall make a down payment of 25% of the share purchase price.
Within six months after signing of the sale and purchase agreement or the shareholders’ agreement, whichever is earlier or mutually agreed upon time, the bidder will be required to pay the outstanding 75% of the share purchase price to complete the transaction.
