Another milestone in the power privatisation process has been attained as the Bureau of Public Enterprises (BPE) has offered to sell the federal government’s shares in Egbin Power Plant to KEPCO Energy Resources.
The bureau said yesterday that an offer letter in respect of the Supplemental Share Purchases Agreement (SPA) for the 70 per cent sale of federal government’s shares in Egbin Power Plant at the cost of USD$407.3 million has been issued to KEPCO.
The National Council on Privatisation (NCP) had at its second meeting for 2013 held at the Presidential Villa, Abuja, approved the sale of 70 per cent of federal government’s shares in Egbin Power Plant to KEPCO Energy Resources at that amount.
The Council asked KEPCO to pay 51 per cent of the plant’s shares at the 2007 valuation of USD$549.01 million and further pay for additional 19 per cent of the shares at the current valuation of USD$670 million.
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