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Government, bidders open negotiation for power plants sale
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Government, bidders open negotiation for power plants sale

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Image result for 434MW Geregu GENCO

The Managing Director of Niger Delta Power Holding Company, Chiedo Ugbo, said the Federal Government and preferred bidders has opened negotiation for payment arrangement $1.9bn for three power plants.

The power plants include; the 560 megawatts Calabar Generation Company, 513MW Omotosho GENCO; and 434MW Geregu GENCO in Kogi State.

Ugbo explained that the sale of the 80 per cent shares in the GENCOs was delayed due to liquidity crisis and foreign exchange scarcity.

He said the transaction was delayed because after PHCN’s privatisation in 2013, the electricity market had liquidity crisis.