Bloomberg News

Copperbelt Energy Shortlisted for Nigerian Power Assets

October 04, 2011

(Updates with assets in second paragraph.)

Oct. 4 (Bloomberg) -- Copperbelt Energy Corp., the Zambian company that distributes half of the electricity consumed in that nation, was shortlisted to potentially buy three Nigerian power distribution assets.

“We’re preparing the bids now,” Corporate Finance Director Mutale Mukuka said today in an interview in Johannesburg. If the company is successful, it may raise funds to acquire the assets, power lines in Abuja, Lagos and Benin city he said.

Copperbelt Energy, known as CEC, is building power plants in Zambia to meet the needs of the expanding copper mining industry and is looking to for opportunities in nearby nations to grow sales.

The company is no longer interested in power generation assets in Nigeria, for which it was also shortlisted, Mukuka said in a speech in Johannesburg today. The assets are being offered by the government of Nigeria, he said.

--Editor: Alex Devine

To contact the reporter on this story: Carli Lourens in Johannesburg at clourens@bloomberg.net

To contact the editor responsible for this story: Alastair Reed at areed12@bloomberg.net


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