Egbin power plant

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In May 2007, the Government of Nigeria sold for US$280 million 51% of its stake in the 1320MW Egbin power plant to KEPCO Energy Resource Nigeria Limited or KERL - KEPCO/ERL Cconsortium, a joint venture between Energy Resource Limited (70%) and Korea Electric Power Corporation (KEPCO) (30%). The other 49% remained held by the government. The award followed a competitive bidding process in which KEPCO Energy Resource Nigeria Limited was the only bidder. Financing was provided through a US$70 million loan arranged by United Bank for Africa Plc. During negotiations, a valuation of $560 million was established for Egbin, KERL was asked to pay $280 million for 51% of the power utility. KEPCO Energy Resource Nigeria Limited was expected to repair and put the Egbin power plant back on track by August 2008. In April 2013, Nigeria's Bureau of Public Enterprises sanctioned the 70% acquisition of state-owned Egbin Power Plant by KEPCO Energy Resources. The total sum was $407.3 million. 2013 update investments: 127.3 million paid to government, private % is 70.