The Bureau of Public Enterprises, acting on behalf of the Federal Government, is currently engaged in transactions for the sale of five power plants under the National Integrated Power Projects. The estimated cost for these transactions is around $1.15 billion. Despite an international benchmark suggesting a higher value, the BPE is reportedly planning to sell the power plants for slightly over $1.1 billion.
According to Ignatius Ayewoh, the acting Director-General of BPE, the transaction is still ongoing and has not been concluded. The five power plants identified in the transaction include the 434MW Geregu II gas-fired power plant in Kogi, the 451MW Omotosho II plant in Ondo, and the 750MW Olorunshogo II plant in Ogun State. Additionally, the 563MW Odukpami power plant in Calabar, Cross River State, and the 451MW Benin-Ihovbor plant in Edo State are also part of the sale.
Sources indicate that the Omotosho plant, equipped with four power-generating turbines, is expected to be sold for around $85 million. The Olorunsogo NIPP, with four turbines, is valued at $170 million. The Benin-Ihovbor plant, featuring five power-generating turbines, is set to be sold for $420 million. The Calabar Odukpami plant, with five turbines, is estimated at around $260 million, while the Geregu plant, equipped with four turbines, is priced at $215 million. Each Siemens turbine in these plants has a capacity of about 115MW.
