US developer delays deadline for power plant bids

16 September 2009

Firms need more time to conduct due diligence on assets

AES Oasis, a subsidiary of US power plant developer AES Corporation, has set a 1 October deadline for bids to buy its stakes in three power plants in the Middle East and Pakistan.

The previous deadline of 31 August was extended because bidders were still conducting due diligence on the assets. The sales involve stakes in a power plant in Oman and two in Pakistan.

Seven bidders have been shortlisted for the three plants.

The Amman East plant in Jordan, which had originally been included in the sale, will now follow its own sale process (MEED 4:9:09). According to sources close to the seller, expressions of interest from financial bidders interested in a minority stake in the Jordanian plant are now being sought.

Meetings between potential investors and advisers on the sale, the UK’s HSBC and the US’ Citigroup, began in late August.

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