TheCable

Transcorp Power Limited has won the financial bid for the Afam Electricity Generation Company in Rivers state.

Transcorp had submitted a bid of N105.3 billion to defeat Diamond Stripes Consortium and Unicorn Power Generation at the bidding held in Abuja on Tuesday.

The Ughelli power plant, a gas-fired thermal plant in Ughelli, Delta state, is being operated by Transcorp power.

Quest Electricity Nigeria Limited had also submitted a N19 billion bid for 60% equity in Yola Electricity Distribution Company (YEDC).

Quest Electric was the only company shortlisted to proceed with the financial bid opening for the DisCo.

The federal government had put up the power firms for sale after YEDC, which was privatised in 2013, declared a force majeure in 2015 due to insecurity in the war-torn northeast.

On the other hand, the privatisation of Afam GenCo was unsuccessful in 2013 owing to the delay in signing the gas supply agreement (GSAA) and the gas transportation agreement (GTA).

In 2017, the National Council on Privatisation (NCP) gave approval for a fresh transaction to privatise Afam and YEDC.

In April, the NCP said the companies had met the benchmark score of 750 points after evaluation in accordance with the criteria set out in the requests for proposal (RfPs).