BPE issues final bid documents to PHCN investors

The Bureau of Public Enterprises (BPE) on Friday issued the final power industry and transaction documents to the 152 potential investors that have indicated interests in participating in the on-going privatisation of the successor companies created from the unbundling of the Power Holding Company of Nigeria (PHCN).

The Head, Public Communications of the bureau, Chukwuma Nwokoh, said the 13 bid documents released to potential investors are in keeping with the revised timeline for the privatisation of the 18 successor companies, consisting 11 Distribution Companies (DISCOs), six Transmission Companies (TRANSISCOs) and one Generation Company (GENCO).

The 152 investors were selected from a list of about 207 prospective investors, consisting 40 hydro generation companies, 87 thermal generation companies and 80 other distribution companies earlier prequalified and shortlisted by the BPE to participate in the next phase of the privatisation process.

The transaction documents consist Share Sale Agreement (SSA); Shareholders Agreement (SA); Performance Agreement (PA), and Concession Agreement (CA), while the industry documents include Gas Sale and Aggregation Agreement (GSAA); Gas Transportation Agreement (GTA); Bulk Power Purchase Agreement (BPPA) for thermal; Bulk Power Purchase Agreement (BPPA) for hydro); Vesting Contract (VC); Transmission Use of System Agreement TUSA); Grid Connection Agreement (GCA) and Ancillary Services Agreement (ASA).

In March 30 this year, the BPE issued the revised industry and transaction documents to the bidders and informed them that they are expected to send in their comments on the documents latest by April 20, 2012.

In the wake of bidders’ feedback, another meeting of all industry stakeholders was held last weekend May 5 and 6, 2012 in Abuja to finalise the bidding documents, with the next stage of the privatisation exercise designed to harvest technical and financial proposals from bidders.

The generation and distribution companies have been given July 17 and July 31, 2012 respectively as the deadline to submit their bid documents.

The transaction timeline reveals that the evaluation of the technical bids scheduled for between August 14 and 28, 2012, with the National Council on Privatisation (NCP) mandated to approve the results of the technical evaluation on/or before September 11, 2012.

The deadline for the shortlisted bidders for generation companies to submit their letters of credit is September 18, 2012, while October 2,

2012 is set aside for shortlisted bidders for distribution companies.

Consequently, NCP’s approval would pave the way for the opening of financial bids of the shortlisted investors.

Between September 25, 2012 and October 10, 2012, the BPE is expected to organise the financial bids opening of prospective investors for the privatisation of the PHCN successor companies created in the wake of the unbundling of the Power Holding Company of Nigeria (PHCN.) The announcement of the preferred bidder for the 17 successor companies by the National Council on Privatisation (NCP) is scheduled to be made on/or before October 23, 2012.



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