Inter state Electrics completes payment for Enugu DISCo.

Interstate Electrics (IE), which won the
bid for the Enugu Electricity Distribution
Company, DISCo, is said to have
completed the payment of the 75 percent
balance for the electricity firm.
A top official at the Bureau of Public
Entreprises, BPE, told Vanguard Friday
that the consortium paid the sum of
$94,505million or about N148.373
million which was credited to the BPE's
account on Thursday, thereby enabling
the preparation for the firms' takeover.
The development followed Interstate
taking advantage of the available window
for the completion of outstanding
balance as spelled out in the Share
Purchase Agreement (SPA).
Recall that the Request for Proposal
signed by the bidders gave a 20-working
day extension after the expiration of the
orginal deadline on August 21.
However, the consortium, which is being
promoted by multi-billionaire
businessman, Sir Emeka Offor, had given
the assurance that the payment
processes would be completed before the
weekend, thus fulfilling its promise.
The consortium incorporated as a vehicle
for the purpose of acquiring and
operating Electricity Distribution
Companies in Nigeria emerged the
preferred bidder for the Enugu DISCO
after a rigorous bidding process in the
sale of PHCN in 2012, with an Aggregate
Technical, Commercial and Collection
(ATC & C) loss reduction proposal of
20.83%.
It comprises of Chrome Consortium
Energy Nigeria Limited, Powerhouse
International Limited, and Metropolitan
Electricity Authority, and parades a
competent team of electricity
infrastructure engineers, owners/
operators of electricity power distribution
companies, upstream and downstream
oil operators and empowerment
partners, with a collective global
experience of over 80 years.
The consortium's technical partner,
Metropolitan Electricity Authority of
Thailand (MEA) with over 50 years
experience is responsible for the
distribution and sales of electricity to
users in Bangkok and metropolitan
vicinities, including Nonthaburi and
Samutprakarn provinces. MEA's
distribution area covers 3,195 square
kilometers divided into 14 districts with a
population of about eight million and
energy sales of 44,714 GWH of
electricity.
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