Sahara Group has acquired assets in Nigeria’s power sector In keeping with its desire to “be the provider of choice wherever energy is consumed.”
The acquisition was realised under the privatisation programme of the Federal Government of Nigeria which led to the transfer of former PHCN assets to private investors.
Working through a number of Special Purpose Vehicles (SPV), Sahara successfully acquired majority shareholding stakes in two (2) of the PHCN assets that were sold by the Nigerian Government, namely Egbin Power station – the largest Power Generation Plant in Nigeria – and Ikeja Electricity Distribution Company – the largest power distribution network in Nigeria.
The NEDC/KEPCO Consortium emerged as the majority shareholders of the former Ikeja Distribution Company and Egbin Power Plant respectively. The consortium which has the Korean Electric Power Corporation (KEPCO) as technical partners is committed to delivering efficient, affordable and sustainable power supply in the nearest future through investments in new technology, infrastructure upgrade and human capital development.
KEPCO, the largest electricity utility company in Asia in terms of Transmission and Distribution, is amongst the largest nuclear power exporting companies and is also involved in every form of generation from wind, thermal, coal, solar, mass, hydro and renewable energy. The corporation generates about 84,000MW in capacity and has a global efficiency record of a maximum down time period of slightly above three minutes annually.
The Sahara Group restates its commitment to creating and sustaining value for all stakeholders in the energy value chain through innovation, strategic investments and alliances.