Electric Power

 

In the rapidly-growing electricity sector, some of our most significant work has involved advising recently-successful bidders for key parts of the old, government-owned electricity monopoly: one generation company and two of the nations’ largest distribution companies.

We also advised two bidders for generation assets owned by both the Federation and the States but held outside the old, government-owned electricity monopoly. No less significant has been our work, now completed, advising the newly- formed, Federal Government-backed single buyer of grid electric power.

We worked with that single buyer on negotiating power purchase contracts and vesting contracts, on its payment support package options and on the various gas, privatization and transmission contracts that are likely to impact its proposed operations.

It is by far the largest buyer and seller of electric power in the nation. It is central to the ongoing programme to reform, privatize and commercialize the electricity sector.

We have been advising on regulatory issues including obtaining generation licences, the licensing of independent electricity distribution networks; and differential pricing for different categories of end users of “embedded power”;

We have also advised on pioneering project financings for lenders to an independent power producer, to a joint venture between a state government and a private operator respectively and on leading acquisitions financings for both generation and distribution companies.

We have also advised on the acquisition of a private power producer and on a sector-first private placement of shares by an electric power producer with plans to get listed.

We have advised a prospective strategic investor on a combination of debt and equity investments in a series of small independent power projects and litigation over the award of a “BOT” contract award for a huge hydro- electric power project.

We are advising developers of both thermal and renewable power on projects to generate such power for sale to the grid. Our work for two of these developers is on projects located outside Nigeria, one of them perhaps the largest-ever thermal electric power project in Africa.

We have also been advising in a separate project two ambitious but new- to-industry generators of thermal electric power who propose to sell electricity primarily to off-grid industrial buyers. One of them is backed by a leading global multinational manufacturer of thermal generation equipment.

We have also advised on the acquisition of controlling equity stakes in two grid distribution companies and two grid thermal generation companies, and are advising on the sale of a controlling interest in an off-grid thermal generation company.

We have also advised on critical commercial contracts in the electricity sector, most notably power purchase, gas sales, technical assistance and engineering, procurement and construction contracts.



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© 2015 G. ELIAS & Co.