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CESC lands consultancy mandate in Nigeria

Em News Bureau ,  Thursday, December 20, 2012, 11:53 Hrs  [IST]

CESC Ltd, part of the RPSanjiv Goenka Group, has bagged a consultancy contract of $2.5 million (Rs.13.7 crore at current exchange rates) a year in power distribution sector in Nigeria. The five-year contract is renewable after the term-end.

CESC was a part of the consortium that bid for the Port Harcourt Distribution Company Plc (PHED). The annual turnover for the distribution company will be $180 million. The other consortium partners include private equity funds and Nigerian nationals. CESC will provide technical assistance only.

CESC also has the option of investing up to six per cent in the distribution company. Consortium members are entitled to additional 12.5 per cent revenue each in case the distribution losses are substantially reduced, it is learnt.

PHED is one of the 18 autonomous off-shoot or successor companies from PHCN Power Holding Company of Nigeria PHCN when it was broken up into 11 distribution companies, six generation companies and one transmission company following a power sector reform programme in 2005. Nigeria's total power generation capacity stands at around 8,600 mw.
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