The Bureau of Public Enterprises (BPE) announced that investors who plan to purchase 100% of power generation companies from the National Integrated Power Project (NIPP) should declare their interests.
This was disclosed in a statement released by the Director-General of the BPE, Mr Alex Okoh on Sunday. The BPE did not disclose how much it aimed to raise from the sale.
They added that the NIPP sale was part of deregulation and reform of the Nigerian Electricity Supply Industry and in line with the Nigerian Electric Power Policy and Electric Power Sector Reform (EPSR) Act, 2005, citing approval from Directors of the Niger Delta Power Holding Company (NDPHC) and the National Council on Privatisation.
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The NIPP projects being considered for sale are:
- Geregu Generation Company Ltd installed capacity at ISO condition of 506 Megawatts (MW)
- Benin (Ihovbor) Generation Company Ltd with 507 MW;
- Calabar Generation Ltd with 634MW;
- Omotosho Generation Ltd with 513MW; and
- Olorunsogo Generation Company Ltd with 754MW.
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What the DG of BPE is saying about NIPP asset sale
“Each bidder must be an experienced power generation company that owns and/or operates utility size power plants. In case of a consortium, at least one of the consortium members must be an experienced power generation company (the “Technical Partner”).
The technical partner shall be responsible for providing operation, maintenance and management services under a long term agreement,” he said.
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What you should know
Recall Nairametrics reported in 2019 that the FG and BPE concluded plans to privatise the remaining 10 Nigerian National Integrated Power Projects (NIPP), after signing a Memorandum of Understanding (MoU) with an infrastructure credit enhancement firm (InfraCredit) to provide up to N300 billion for investors.