Nigeria’s privatisation agency has offered to sell 70% of Egbin Power Plant to KEPCO Energy Resources, KEPCO Energy Resources, a joint venture between South Korean utility firm Korea Electric Power Corp (KEPCO) and Nigeria’s Sahara Energy Group, for USD 407.3mn, Leadership daily reported. The Bureau of Public Enterprises (BPE) plans to sell another 27% of the plant through Initial Public Offer (IPO) at a later date, while the remaining 3% will be distributed to the3 plant’s workers.
KEPCO agreed in 2007 to buy a 51% stake in the 1,320MW Egbin Power Plant, which is based outside Nigeria's commercial hub Lagos, for USD 280mn, but disagreements over labour, electricity pricing and gas supplies stalled the deal.
Last week, the BPE offered to sell the 500MW Omotosho power plant in southwest Nigeria to state-owned China Machinery Engineering Corporation (CMEC), which recently completed an upgrade of the plant, for USD 217.5mn, of which USD 104.2mn would be offset against debts the government owes CMEC and a further USD 30.3mn would be kept for further work to be done by the Chinese company.
Related Articles
South Africa central bank deprioritises retail CBDC as national payment reforms take priority
The South African Reserve Bank (SARB) has issued a new position paper assessing the feasibility of a retail central bank digital currency, concluding that South Africa does not currently have a ... more
Uganda’s Gogo Electric secures $1mn from EU-backed ElectriFI to scale battery-swap e-mobility network
Ugandan electric mobility startup Gogo Electric has secured $1mn in funding from the EU-funded Electrification Financing Initiative (ElectriFI), the company announced this week, marking a significant ... more
Cell C debuts on Johannesburg Stock Exchange with $490mn valuation amid restructuring
Cell C Holdings (JSE:CCD) listed on the Johannesburg Stock Exchange this week, marking a significant step in the company’s multi-year restructuring programme. The shares closed at ZAR26.50 each, ... more
Most Read
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago
-
India’s smart metering push gains momentum
4 months ago
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago