The Federal Government, on Wednesday, announced the winner of the biddings for the concession of the 700 megawatts Zungeru Hydroelectric Power Plant, costing $70,000,251 annually for a period of 30 years.
The preferred bidder happens to be Mainstream Energy Solutions Limited, a 2011 licensed power generating company.
The Punch reported that an announcement was also made about the merger of Egbin Power Plant with KEPCO Energy Resources Nigeria Limited.
Meanwhile, the information was provided by the government in a statement made in Abuja by Head, Public Communications, Bureau of Public Enterprises, Ibeh Chidi.
The statement partly reads, “The National Council on Privatisation has approved Mainstream Energy Solutions Limited as the preferred bidder for the concession of the Zungeru Hydroelectric Power plant for a fee of $70,000,251 per year for a period of 30
The hydropower power project is estimated to be the second largest in the country following the 750MW of Kainji Hydroelectric.
This publication recalls that the federal government in November 2022 opened a bid for the 700-megawatt Hydropower project deal which is located 77 km downstream of the Shiroro Hydropower Project in Niger State.
According to The Punch, The National Council on Privatisation, headed by Vice President Prof. Yemi Osibanjo, approved the plant’s deal at its second meeting of the year on February 21, 2023 at the Presidential Villa in Abuja.
Based on the statement, the Bureau of Public Enterprises will begin the negotiation and execution of the deal’s agreement with the preferred bidder as directed by the NCP.
The statement reads, “MESL (the preferred bidder) scored 1142 marks (94.3 per cent) of the total 1,200 marks, thus surpassing the minimum benchmark score of 75 percent of 1,200 marks, having offered the highest concession fee of $70,000.25 to beat Africa Plus Partners Nigeria Limited Consortium which scored 742 points.”