FG To Realise $5.8bn From Sale Of 10 NIPP Plants – NIPP New Owners

No Comments » March 10th, 2014 posted by // Categories: Energy Development Project



 

 

OWNERS  OF THE POWER PLANTS

 

S/N

POWER PLANT

LOCATION

SIZE

(MW)

WINNER

PRICE

RESERVE BIDDER & OFFER

COMMENT

1 Alaoji Generation Company Limited Alaoji 1076 AITEO Consortium

$902,000,000

None Only bidder
2 Benin Generation Company  Limited Ihovbor 504 EMA Consortium

$580,000,000

Index Consortium ($575million)
3 Calabar Generation Company Limited Calabar 630 EMA Consortium

$625,000,000

Nebula Power Generation Consortium ($623,750,000)
4 Egbema Generation Company Limited Egbema 378 Dozzy Integrated Power Limited

$415,075,000

AITEO ($392million)
 5 Gbarain Generation Company Limited  Gbarain 252 KDI Energy Resources

$340,000,000

Azikel Power Limited ($305 million)
6 Geregu Generation Company Limited Geregu 434 Seoul Electric Power Limited

$690,000,000

Yellow Stone ($613million) Geregu II already supplying power to national grid
7 Ogorode Generation Company Limited Ogorode 504 Daniel Power Consortium

$531,777,777

None Three other bidders failed to cross the reserved price 
8 Olorunsogo Generation Company  Olorunsogo 750 ENL Consortium Limited

$751,240,000

Index Consortium ($730million) AITEO withdrew from the bid and lost its chances and entry funds
9 Omoku Generation Company Limited Omoku 252 Shayobe International Consortium

$318,710,840

AITEO Consortium ($312,500,000) 
10 Omotosho Generation Company Limited Omotosho 500 Omotosho Electric Power Limited

$659,999,000

ENL Consortium ($645,156,220) Nine companies bidded; 

Omotosho already supplying power to national grid

TOTAL 5280

$5,813,802,617.00

 

 

 

DAILY TRUST

19 FIRMS EMERGE TOP BIDDERS FOR 10 NIPP PLANTS

Category: Business
Written by Simon Echewofun Sunday

Nineteen firms have emerged as top bidders and reserved bidders for 80 percent shares in 10 thermal plants under the National Integrated Power projects (NIPPs).

The successful bidders were among the 42 bidders that, according to the Niger Delta Power Holding Company Plc (NDPHC) and its transaction advisers, CPCS Transcom International Limited, were technically qualified and partook in the financial bidding phase of the transaction which held on Friday in Abuja.
In his address, NDPHC Managing Director, Mr. James Olotu said the bidding for the NIPP plants is a timely intervention in the power sector. He however noted that government is privatising 80 percent of the plants’ equity but still retains 20 percent in ownership terms.
Chairman of the Joint Technical Committee on the privatisation, Governor Gabriel Suswam of Benue State said the privatisation stages have been transparent so far.
“You will agree with me that the process of privatising these 10 power plants has been more than transparent,” he said.
Suswam maintained that the sustained transparency effort is meant to ensure the attraction of more investors into the economy.
Earlier, the Minister of State, Power, Hon. Mohammed Wakil said the federal government will spare no effort to make the power sector environment attractive to investors. He reiterated the sector agencies’ commitment to working effectively and giving their cooperation to the emerging bidders.
The emerging bidders for the 10 NIPPs at the financial bid stage include, AITEO Consortium which is the only bidder for the Alaoji NIPP at $902million; with the preferred bidder for the Ihovbor, Benin NIPP as EMA Consortium with $580m; while Index Consortium, the reserved bidder, had $575m.
EMA Consortium also bid $625m for Calabar NIPP, while Nebula Power Generation Consortium bid $623,750 which was also above the reserved price; Dozzy Integrated Power Ltd with $415,075 emerged top for Egbema NIPP while AITEO Consortium was reserved with a $392m bid.
For Gbarain NIPP, KDI Energy Resources bid $340m to become the preferred bidder while the reserved bidder was Azikel Power Ltd with $305.90,665m bid; and for Geregu NIPP, Seoul Electric Power Ltd topped with $690.200m while Yellowstone Electrics Ltd with $613,111,113 was reserved.
Bids for the four other plants include, Daniel Power Consortium at the top with $531,777,777 bid while ESOP Power Ltd with $510m was reserved for the Ogorode NIPP; ENL Consortium Ltd with $751,240m bid emerged top for Olorunsogo NIPP, as Index Consortium was the reserved with $730m bid.
For Omoku NIPP, Shayobe International Consortium Ltd topped the list with $318,710,840 just as AITEO Consortium was reserved with $312,500m bid; and for Omotosho NIPP, Omotosho Electric Power Ltd bid $659.999m to top the list while ENL Consortium with $645.156,220 bid was reserved.
The Chairman, Technical Committee of National Council on Privatisation (NCP), Mr. Peterside Atedo, at the sidelines, said the outcome of the transaction would be presented to the joint transaction handlers before announcing the winners.
Atedo noted that on announcing the winners, the payment deadline of 25% and later payment of 75% acquisition payment would also be declared.

 

LEADERSHIP

 

FG To Realise $5.8bn From Sale Of 10 NIPP Plants

Juliet Alohan

— March 8, 2014

The federal government will rake in a total of $5, 814, 002, 617 from the sale of the 10 power plants under the National Integrated Power Project (NIPP).
Bidding for the 10 plants opened in Abuja yesterday in an event co-hosted by the Niger Delta Power Holding Company Ltd (NPDHC) and the Bureau of Public Enterprises (BPE).

The NIPPs, which are being managed by the NDPHC and jointly owned by the federal government, 36 state governments as well as local governments of the federation, will add an additional 5,454mw of electricity to power generation capacity.

The 10 power plants include the 434mw Geregu 11, Calabar 630mw, Egbema 378mw, Ihorvbor 504mw, Gbarain 252mw, Ogorode 504mw, Omoku 252mw, Alaoji 1,076mw, Olorunsogo 750mw and the 500mw Omotosho plant.

Already Omotosho and Geregu II have been commissioned and are supplying power to the national grid while others are either awaiting commissioning or at near-completion stage.

The bids were opened and announced by the chairman of the Joint Transaction Technical Committee (JTTC), Governor Gabriel Suswam, and the chairman, National Council of Privatisation Technical Committee, Peterside Atedo, who were supported by the director-general of BPE, Benjamin Dikki, and NPDHC managing director James Olotu.

At the end of the opening, Seoul Electric Power emerged the preferred bidder for Geregu II with a bid of $613,111,113, while YellowStone Electric Power emerged reserved bidder with a bid of $613,111,113. Similarly, Ihorvbor had EMA Consortium and Index Consortium as preferred and reserved bidders having bid $580 million and $575 million respectively.

EMA Consortium emerged preferred bidder for Calabar with Nebula Power Generation Consortium as reserved bidder with bids value of $625 million and $623 million respectively, while Dozzy Integrated Power Ltd emerged preferred bidder for Egbema with a bid of $415,075,000 with AITEO as reserved bidder having bid $392 million.

Gbarian had KDI Energy Resources as preferred bidder with a bid of $340 million and Azikel Power Ltd and reserved bidder with a bid of $305, 090,665, while Daniel Power was preferred bidder for Ogorode with $531,777,777 bid and ESOP as reserved bidder with a bid of $510 million.
Shynobe International Ltd emerged preferred bidder for Omoku with $ 318,710,840, and AITEO Consortium as reserved bidder with a bid of $312, 500, 000, while AITEO consortium, the sole bidder for Alaoji, emerged preferred bidder with a revised bid of $902 million after its initial bid of $680 million was said to be below the reserved price.

ENL Consortium and Index Consortium emerged preferred and reserved bidders for Olorunsogo after bidding $751,240,000 and $730 million respectively while Omotosho Electric power is preferred bidder for Omotosho plant after bidding $659,999,000 and ENL as reserved bidder with a bid of $645,156,220.

Meanwhile, the least bid received in all categories was from EMA Consortium which bid $515 (five hundred and fifteen dollars) for Omotosho power plant, while AITEO Consortium which withdrew its bid for Olorunsogo will forfeit its $1 million bid security.

In his remarks, Governor Suswam emphasised that the privatisation process had been transparent as part of government’s efforts to rekindle investors’ confidence in Nigeria, adding that the deadline for the bid payment will be announced after the meeting of the NDPHC Board.
The BPE DG emphasised that all participants were given a fair chance, noting that with the completion of the NIPP privatisation, the management of all power plants in the country will now be in the hands of the private sector.

 

 

THE NATION

 

Owners of 10 power plants emerge

Posted by: John Ofikhenua, Abuja in News 1 min ago

The National Council on Privatization (NCP) Technical Committee Chairman, Mr. Peterside Atedo, yesterday in Abuja presided over the the financial bid opening for the 10 power plants of the Niger Delta Power Holding Company (NDPHC).

The plants which are the National Integrated Power Project (NIPP) are jointly owned by the three tiers of government.

Of all the firms that offered to buy 80% equity of the plants, AITEO Consortium, the only bidder for Alaoji Generation Company Limited won the bid with $902million.

They firm had earlier offered $680million for the generation firm, which, according to Atedo, was below the reserved price. However, upon a second chance, AITEO jacked up its bid for the power plant to $902million, which the chairman said was above the reserve price.

Meanwhile, EMA Consortium won the bid for Benin Generation Company  Limited with $580million and defeated the  reserved bidder Index Consortium, which offered  $575million for the same generation plant.

With an offer of $625million, EMA Consortium also defeated the reserved bidder Nebula Power Generation Consortium that bid $623,750,000 for  Calabar Generation Company Limited.

In the case of Egbema Generation Company Limited, Dozzy Integrated Power Limited emerged the winner with a bid of $415,075,000 while the reserved bidder, AITEO bided $392million.

Gbarian Generation Company Limited got KDI Energy Resources that offered $340million as winner with Azikel Power Limited which offered $305 as its reserved bidder.

Meanwhile, Seoul Electric Power Limited won the bid for Geregu Generation Company Limited with $690million, while Yellow Stone emerged the reserved bidder with $613million.

The preferred bidder for Ogorode Generation Company Limited was Daniel Powe Cnsortium which offered $531,777,777 to defeat three others that failed to cross the reserved price.

With $751,240,000, ENL Consortium Limited won the bid for Olurunsogo Generation Company as Index Consortium emerged the reserved bidder with &730million. AITEO, however, withdrew from the bid and lost its chances and entry funds.

The bid for Omoku Generation Company Limited was won by Shayobe International Consortium  that offered $318,710,840 to floor the reserved bidder- AITEO Consortium that offered $312,500,000.

Of the nine companies that offered to purchase Omotosho Generation Company Limited, Omotosho Electric Power Limited won the bid with $659,999,000. The reserved bidder ENL Consortium had offered $659,999,000 for the same generation company.

Speaking, the Minister of State for Power, Alhaji Mohammed Wakil, noted that the ministry would accord the sector the necessary support it requires.

According to the Managing Director, NDPHC, Mr. James Olotu, the 10 power plants are to offer Nigerians the best they deserve in order to grow the economy and reduce hardships of the citizenry.

 

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