Progress: North-South Power Pays $61.6m to Close Shiroro Hydro Deal

TransformationWatch

North-South Power, the preferred bidder which won the bid for Shiroro hydro power station under the power privatisation programmme, yesterday paid $61.62 million to the Bureau of Public Enterprises (BPE) to close the deal on the acquisition on the power utility.

North-South Power was one of two bidders which did not complete its payment last Wednesday for the successor companies created from the unbundling of the Power Holding Company of Nigeria (PHCN).

The other bidder, CMAC/Eurafric, paid $120.034 million out of an outstanding balance of $150.75 million expected from the consortium for Sapele power plant.

North-South Power, BPE sources informed THISDAY, was expected to pay $101.442 million, being 75 per cent of the transaction value for Shiroro station that was to be paid on or before August 21. However, it only paid $39.822 million to the privatisation agency.

With the payment of $61.62 million yesterday, BPE officials expressed relief that…

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