Northwest Power Limited, the preferred bidder for Kaduna Electricity Distribution Company (Kaduna Disco) has completed the 75 per cent payment of the bid price for the Kaduna power company according to Daily Trust.
The company had failed to beat the October 6 deadline for payment but a source confirmed that “The Consortium has paid the remaining 75 per cent of the total sum and the BPE is expected to complete all processes for the transfer of the Company”.
It is however not clear if Taleveras Group, preferred for Afam Power Generating Company (Afam Genco), had completed its own outstanding 75 percent payment for the Afam plant.
Kaduna Disco and Afam Genco are the two remaining of 17 companies that emerged from the unbundling of the Power Holding Company of Nigeria (PHCN) whose privatization is about to be concluded.
When contacted, spokesman for the Afam power plant, Mr Cliford Ukoh stated that the management of Afam power plant does not have any information on the transaction between the BPE and Taleveras as it concerns the privatization of Afam power plant.
It will be recalled that Televeras had paid the initial deposit of 25 percent of the bid price of US$65,012,500 for the Afam Power Plant and Northwest Power Plc US$40,750,000 for the Kaduna Electricity Distribution Company following which the Share Purchase Agreements (SPA) were executed by the two parties.
They were required to pay the outstanding balance of 75 percent of the bid price within six months of the execution of the SPA on August 6, 2014 which was later rescheduled to October.