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Nigeria Names Winning Bidders for Five State Power Plants

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Sept. 25 (Bloomberg) -- Nigeria named the preferred bidders that offered more than $700 million for five state power plants.

Transnational Corp. won with its $300 million bid for the 947-megawatt Ughelli power station, Atedo Peterside, chairman of the National Council of Privatization’s technical committee announced today in Abuja, the capital. China Machinery Engineering Corp. led a group of companies that pledged $201 million for the Sapele plant. Amperion Power Distribution Ltd., a group headed by Forte Oil Plc and China’s Shanghai Municipal Electric Power Co., offered $132 million for the Geregu plant.

Mainstream Energy Solutions Ltd., led by Russia’s RusHydro JSC, won the bid to manage the Kainji hydro plant with a $50.8 million offer. North-South Power Co. Ltd., a group led by China Three Gorges Corp., got the Shiroro hydro power plant concession with a $23.6 million offer, Peterside said.

Nigeria, Africa’s top oil producer, is selling majority stakes in power plants and letting private investors buy as much as 70 percent of 11 distribution companies spun out of the former state-owned utility as it seeks private investment to curb power shortages.

All the winning bids are “subject to the approval” of the National Council on Privatization headed by Vice President Namadi Sambo, Peterside said. Bidders have 15 days after the final approval to post a bank guarantee for 15 percent of the bid amount and pay 25 percent of their bid within another 15 days after the deal has been signed, he said.

The balance should be paid over six months or as agreed with the privatization agency.

Julius Berger Nigeria Plc, an affiliate of Bilfinger Berger AG, was selected as the reserve bidder for the Sapele power plant after offering $106.5 million, while Amperion Power was also picked as the reserve bidder for the Ughelli power station with a bid of $252 million, Peterside said.

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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