Investors To Take Over Electricity Plants By September

he Federal Government on Wednesday said investors will soon take over for Kaduna Distribution Company and Afam Power Plant after the financial bids for the companies was concluded.

The announcement for the winners of the 11 distribution companies unbundled from the defunct Power Holding Company of Nigeria (PHCN) is expected in a few days.

The Director General of the Bureau for Public Enterprise, Mr. Benjamin Dikki says new owners should be ready to take over by September this year.

Six companies have placed bid for the Kaduna Distribution Company while two for the Afam Power Plant.

The federal government is in the process of breaking up the defunct Power Holding Company of Nigeria into 17 private generation and distribution companies and selling them for about $2.5 billion as part of efforts to increase electricity output over the next seven years.

After the presentation of grounds rules, confirmation of submitted bids and eventual opening of the bids, Northwest Power Limited ranked highest for the Kaduna Distribution Company while Taleveras Group put in a bid of $260 million for the Afam Power Plant.

The result of the preferred bidders is expected in a few days.

The conclusion of negotiations with the preferred bidders is expected to lead to the handover of The Power Holding Company Of Nigeria (PHCN) successor Generation Companies (GENCOS) and Successor Distribution Companies (DISCOS) by the federal government.


Source: Channels TV