Transcorp consortium, Quest Electricity win bids for Afam Genco, Yola Disco

THE NATIONAL COUNCIL ON Privatisation has approved Transcorp Power Consortium as the preferred bidder for the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) with a bid price of N105.3bn (about US$343.6m).

Diamond Stripes Consortium was approved as the reserve bidder with a bid price of N102.3bn.

A statement issued by Amina Othman , the head, public communications, in the Bureau of Public Enterprises, said the NCP approved the bids at its second meeting for 2019 at the Presidential Villa, Abuja, on Monday.

The NCP is chaired by the vice president, Yemi Osinbajo.

The winning bid of US$343.6m for the power plant was more than the winning bid of US$265m in the previous privatisation transaction conducted in 2013.

According to the NCP, the preferred bidder, Transcorp Power Consortium, plans to invest US$350m in the firm

a period of five years after taking over.

In the same vein, the Council also approved Quest Electricity Nigeria Limited as the preferred bidder for the re-privatised Yola Electricity Distribution Company with a bid price of N19bn (about US$62m).

The bid price is higher than the US$59m paid by the previous core investor in 2013.

The Council had on April 12 granted approval to Diamond Stripes Consortium, Transcorp Power Consortium and Unicorn Consortium to proceed to the financial bids opening stage for the acquisition of 100 per cent shares in the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited).

The three consortia had earlier met the benchmark score of 750 points after evaluation in accordance with the criteria set out in the Requests for Proposal.