- NCP approves sale of five GenCos
- Sale to be based on 100% ownership
- Geregu, Benin, Calabar, Omotsho, and Olorunsogo plants approved for sale
The National Council on Privatisation (NCP) has approved the sale of five Generation Companies (GenCos). A competitive bidding process will take place and the successful bidders will retain 100% of the GenCos shares after purchase.
The approved GenCos include Geregu with a 506 Megawatts (MW) capacity, Benin Generation Company Ltd with 507MW, Calabar Generation Limited with 634MW, Omotosho Generation Limited with 513MW, and Olorunsogo Generation Company Limited with 754MW with a combined total of 2,905MW capacity.
The Director-General, Bureau of Public Enterprise (BPE) Dr. Alex Okoh said, “Each bidder must be an experienced power generation company that owns and/or operates utility size power plants”. ”In case of a consortium, at least one of the consortium members must be an experienced power generation company” he added.