BPE releases Legal Documents to Investors in PHCN


The Bureau of Public Enterprises (BPE) has released the revised industry and transaction agreements to the 152 potential investors interested in the privatisation of the 17 successor companies created from the unbundling of the Power Holding Company of Nigeria (PHCN). The 13 agreements were sent to the bidders on Friday, March 30, 2012.

A statement signed by Chukwuma Nwokoh, Head, Public Communications of the Bureau in Abuja, named the transaction documents as: Share Sale Agreement; Shareholders Agreement; Performance Agreement; and Concession Agreement.

The industry documents are: Gas Sale and Aggregation Agreement; Gas Transportation Agreement; Bulk Power Purchase Agreement (Thermal); Bulk Power Purchase Agreement (Hydro); Vesting Contract; Transmission Use of System Agreement; Grid Connection Agreement; and Ancillary Services Agreement.

In a letter to the bidders, the acting Director of Electric Power at the BPE, Mallam Ibrahim Babagana, stated that “as per the timetable issued to you, we expect to receive all comments on these documents by April 20, 2012 at the latest.” He added: “We commit to provide to you the final version of the transaction and industry documents by May 11, 2012. After this date, further modifications to any documents will not be accepted.”

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Culled from Watchdogreporters.com


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