The main investor in the Egbin Power Station, KEPCO Energy Resources Nigeria Limited (KERNL), offered an external restructuring plan, and the National Council on Privatization (NCP) has accepted it. This increases its ability to raise the necessary funds to double the plant’s current capacity to 2640 MW.
The Zungeru Hydroelectric Power Plant (ZHPP) concession is being offered to Mainstream Energy Solutions Limited (MESL) for a cost of $US70,000.25 per year for 30 years.
The Council, which gave the go-ahead at its second meeting of 2023, held on Tuesday, February 21, 2023, at the Presidential Villa, Aso Rock, Abuja, and presided over by Vice President Prof. Yemi Osibanjo (SAN), directed the Bureau of Public Enterprises (BPE) to begin the negotiations and execution of the concession agreement with the chosen bidder.
MESL (the preferred bidder) beat out Africa Plus Partners Nigeria Limited Consortium (APPNLC), which received 742 points, by scoring 1142 out of a possible 1,200 points, exceeding the minimum benchmark score of 75% of 1,200 points. MESL also paid the highest concession fee of $70,000.25.
The Federal Ministry of Power (FMOP) gave the BPE an irrevocable Power of Attorney on June 30, 2021, for carrying out the NCP’s decision after the NCP accepted the concession of the ZHPP at its 7th meeting for the year 2020, conducted on December 21, 2020.
As a result, the Requests for Qualifications (RfQ) for the concession of the power plant were published by the BPE on October 27, 2022, in three national newspapers. At the close of the deadline, 11 firms had submitted bids. Three of them—North-South Power Consortium (NSP), Mainstream Energy Solutions Limited (MESL), and Africa Plus Partners Nigeria Limited Consortium (APPNLC)—were prequalified.
