In keeping with the revised timeline for the privatisation of the successor companies created from the unbundling of Power Holding Company of Nigeria (PHCN), the Bureau of Public Enterprises (BPE) has released the final industry and transaction documents to the 152 potential investors interested in the privatisation exercise.

The 13 bid documents were sent to the potential investors on Friday, May 11, 2012.

The transaction documents are: 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.

It would be recalled that the BPE had on March 30, 2012, issued the revised industry and transaction documents to the bidders, and informed them that it expected to receive all comments on the documents by April 20, 2012. In the wake of bidders’ feedback, another meeting of all industry stakeholders was held in Abuja on May 5 and 6, 2012 to finalise the bidding documents.

The next stage of the privatisation exercise is the harvest of the bidders’ technical and financial proposals, which has July 17, 2012, as deadline for generation companies and July 31, 2012, for distribution companies.

The transaction timeline reveals that the evaluation of the technical bids will take place between August 14 and 28, 2012. The National Council on Privatisation (NCP), will approve the results of the technical evaluation on/or before September 11, 2012.