Nigeria names top bidders for its power plants

Associated Press SHARE

ABUJA, Nigeria (AP) — Nigeria has announced the top bidders for five power plants, the latest step in a privatization process expected to bring stable electricity to millions in Africa's most populous nation.

Nigeria's Bureau of Public Enterprises said in a statement Tuesday that various consortia bid between $23 million and $300 million for each of the power generation plants.

The statement showed bidders included private companies based in the U.S., Canada, Europe, Israel, Oman and South Africa.

Nigeria's government has broken up its decrepit state-run power company into 11 distribution companies, six power generation plants and one transmission company, in a bid to reform the power sector.

Oil-rich Nigeria remains beset by blackouts and problems with its aging power grid, forcing the population to rely on private generators to provide electricity.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.