Brazil’s PROINFRA offers $100bn for 23 Nigerian power plants

As 331 local and foreign companies submit expressions oif interest to the Bureau of Public Enterprises (BPE) to acquire majority stakes in Nigeria’s electricity infrastructure, a Brazilian investor has proposed a $100bn takeover of all 23 power plants slated for privatization.

This Day said that this special offer by the Brazilian firm, PROINFRA, was not part of the interest expressed to the BPE by the other 331 companies.

Under the BPE exercise, Essar, an Indian conglomerate; Tata Group, also of India; and ContourGlobal of the United States were among the 331 companies jostling to have the majority stakes in the power generating companies.
BPE had revealed that 174 applications were received from investors interested in acquiring the four thermal stations and the two hydro stations, while 157 prospective applicants expressed their interests in acquiring the 11 distribution companies.
Essar was said to have expressed interest to invest over $2bn for a generating capacity of at least 2000 MW, an equivalent of two-thirds of the country’s current average electricity output.

Meanwhile, Power Grid Corporation of India Ltd (PGCIL) said it would submit a revised offer for the management of Nigeria’s electricity grid to be constructed at a cost of $3.5bn.

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