Forty-two prospective investors pre-qualified for the financial bids.
The Niger Delta Power Holding Company Limited, NDPHC, on Friday opened the bids for privatization of the ten power plants built by the Federal Government under the National Integration Power Projects, NIPPs.
The bid exercise, presided over by the Chairman of the Technical Committee of the National Council on Privatization, NCP, Atedo Peterside, was supervised by Director General, Bureau for Public Enterprise, BPE, Benjamin Dikki, and Benue State governor, Gabriel Suswam, who represented the Vice-President and NCP Chairman, Namadi Sambo.
Ten power generating plants were bidded for by 42 prospective investors pre-qualified for the financial bids. The power plants include Alaoji Generation Company Limited, Calabar Generation Company, Egbema Generation Company, Gbarain Generation Company, Geregu Generation Company, Ogorode Generation Company, Olorunsogo Generation Company, Omoku Generation Company, Omotosho Generation Company and Benin Generation Company.
Bidders shortlisted to participate in the financial bids exercise included AITEO Consortium, which was the sole bidder for Alaoji Generation Company Limited, and Index Consortium, EMA Consortium and Bolivar Consultant for Benin Generation Company.
EMA Consortium, Nebula Power Generation Consortium and First Imperial Power Consortium were shortlisted for Calabar Generation Company.
AITEO Consortium, Dozzy Integrated Power Limited and Essential International Limited Consortium were shortlisted for Egbema Generation Company.
Azikel Power Limited, EMA Consortium, Tempo Energy Consortium, ESOP Power Limited, KDI Energy Resources and CET Power Consortium were shortlisted for Gbarain Generation Company.
Yellowstone Electric Limited, Index Consortium, Power Ventures Consortium, EMA Consortium and Seoul Electric Power were shortlisted for Geregu Generation Company.
Ogorode Generation Company had bids from Daniel Power Consortium, AITEO Consortium, ESOP Power Limited and Tempo Energy Consortium.
Index Consortium, Cyrex Energy Consortium, ENL Consortium Limited, Sepco-Pacific Partners Limited and AITEO were shortlisted for Olorunsogo Generation Company.
For Omoku, DFC Alliance Energy Limited, Shayobe International Limited Consortium and AITEO Consortium were shortlisted.
Index Consortium, Bresson Consortium, ENL Consortium Limited, EMA Consortium, CET Power Consortium, AVS Power, Omotosho Electric, Nebula Power Generation Consortium and Worley Parsons/Arrow Capital showed interest in acquiring Omotosho Generation Company.
At the end of the financial bids opening held in Abuja, AITECO was compelled to adjust its offer to $902 million for Alaoji, after its initial bid of $680million was below the reserve bid mark.
For Calabar plant, EMA Consortium emerged the preferred bidder with an offer of $625 million, beating Nebula Power Generation Consortium marginally to the reserve bidder place, which offered $623.75 million. First Imperial Power Consortium came third with an offer of $542.8 million.
EMA Consortium also emerged the preferred bidder for Benin plant with an offer of $580 million, followed by Index Consortium, which offered $575 million and Bolivar Consultants, $419 million.
For Egbema plant, it was Dozzy Integrated Power Limited that emerged the preferred bidder with an offer of $415.7 million, followed by AITECO Consortium, with $390 million, and Essential International Limited Consortium $289 million.
Shayobe International Limited Consortium was the preferred bidder for Omoku plant with an offer of $318.7 million, followed by AITECO Consortium with $312.5 million, and DFC Alliance Energy Limited with $255.93 million.
ENL Consortium Limited was the preferred bidder for Olorunsogo plant with an offer of $751.24 million; Index Consortium, $730 million; Sepco-Pacific Partners Limited, $702 million, and Cyrex Energy Consortium, $449 million. AITECO had withdrawn its bid, forfeiting the $4 million bid security.
Daniel Power Consortium was the preferred bidder for Ogorode plant with an offer of $531.78 million, followed by ESOP Power Limited, which revised its initial bid of $446.86 million to $510 million. Tempo Energy Consortium offered $360.56 million, while AITECO Consortium, offered $351 million.
For Geregu plant, Seoul Electric Power emerged the preferred bidder with a $690.2 million bid, followed by Yellowstone Electric Limited ($613.1 million), and Index Consortium, $590 million. Other bidders for Geregu plant included EMA Consortium ($510 million), Power Ventures Consortium ($502.9 million) and EMA Consortium $510 million.
For Gbarain plant, KDI Energy Resources offered $340 million; followed by Azikel Power Limited ($305.09 million); ESOP Power Limited ($258.88 million), Tempo Energy Consortium ($231.99 million), EMA Consortium ($190 million) and CET Power Consortium ($181 million.
For Omotosho plant, Omotosho Electric Company Limited posted the highest bid with $659.999 million, followed by ENL Consortium Limited ($645.156 million), Nebula Power Generation Consortium ($603 million), Index Consortium ($595 million), Bresson Consortium ($591.999 million), Worley Parsons/Arrow Capital ($555 million), CET Power Consortium ($521 million), EMA Consortium ($515), and AVS Power ($251 million).
Mr. Suswam had said that the 42 firms that took part in the financial bids opening were selected from the 66 proposals for 80 per cent equity stake-holding in the companies.
Of the 66 proposals received, Mr. Suswam said 54 proposals met the evaluation criteria and guidelines for technical qualification following the due diligence conducted on them.
He said the final list was however pruned down to 42 at the combined meeting of the board of the NPDHC and NCP following observations allegedly made by the Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala, on the corporate character of some of the bidders.
None of the new owners of the successor generation and distribution companies of the defunct Power Holding Company of Nigeria, PHCN was, however, shortlisted.
Bid offers for 10 NDPHC Generating plants