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VENTURES AFRICA – CMEC/Eurafric Energy Limited has completed the acquisition of majority stake in Sapele Power Plc (Sapele Generation Company) after missing the initial deadline to meet payment six months ago.
The generation company (Genco), located in Delta state, was subsequently handed over CMEC over the weekend, according Chigbo Anichebe, Head of Public Communications at the Bureau of Public Enterprises (BPE).
The investor had requested for an extension period after it failed to meet the August 21, 2013 deadline for the payment of $201m it bid for the company.
At the deadline, the firm had been able to pay only $129.4 million in two tranches.
The Director-General, BPE, Mr. Benjamin Dikki, said the privatization of the Sapele Energy Company – part of the country’s power sector reform – was meant to enhance the country’s ability to achieve maximum installed capacity.
According to reports, the Sapele Power plant has installed capacity of 1020 mega watts but is only producing 270 mega watts of electricity.