Bidders looking to pay $1.975bn for 3 IPPs – NDPHC

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The Federal Government and the preferred bidders of three independent power plants (IPPs) are currently negotiating a $1.975 billion (about N711.8 billion) payment arrangement to sell 80 per cent shares in the entities, The Sun reports.

The Managing Director of the Niger Delta Power Holding Company (NDPHC), Mr Chiedu Ugbo, disclosed this in Abuja recently at the end of year media briefing. The IPPs are: Calabar Generation Company (560 megawatts (MW); Geregu GenCo (434MW) and 513MW Omotosho GenCo.

Ugbo noted that the earlier agreement for the bidders to pay 25 per cent of the bid price and later pay the 75 per cent balance is what is being negotiated as bidders seek to pay lower than that due to liquidity issues but at the same price.

He said upon consideration by the NDPHC and the Bureau of Public Enterprise (BPE), the technical and financial committees of the privatisation would be consulted before advising Vice President Yemi Osinbajo on a decision to hand over the plants to the investors.