Elektron Finance SPV, the funding arm of Nigeria’s Elektron Energy Development Strategies, has launched a NGN200bn ($130mn) bond issuance programme, marking its debut in the country’s debt capital market with strong institutional investor participation, The Nation has reported.
The programme’s first tranche, a NGN4.64bn ($3mn) 15-year Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond, has been completed with a “AAA” rating from Agusto & Co. and Global Credit Rating Company.
Proceeds from the issuance will finance the Victoria Island Power Project, a 30MW gas-fired embedded generation facility under development in Lagos by Victoria Island Power Limited, a wholly owned subsidiary of Elektron Power Infracom. The plant will use three high-efficiency 10MW Wartsila reciprocating gas engines and operate alongside a 12.6km dedicated electricity distribution network supplying the Victoria Island commercial district.
The distribution network is nearing completion, while construction of the power plant is ongoing, with commissioning targeted for 2026.
The project is being developed in partnership with Eko Electricity Distribution Company and supported by capital from major investors including ARM-Harith Infrastructure Fund, Nigeria Sovereign Investment Authority, Bank of Industry, FBNQuest Merchant Bank, and Stanbic IBTC Infrastructure Fund.
Related Articles
Egypt launches global tender to explore gas in Eastern Mediterranean
Egypt’s Ministry of Petroleum has issued a global tender inviting specialised companies to conduct a seismic survey covering 100,000 square kilometres in the Eastern Mediterranean, Asharq reported ... more
US Congress move casts doubt on Kenya’s Major non-NATO Ally status
Kenya’s newly acquired designation as a Major non-NATO Ally (MNNA) is potentially under threat after a US Senate proposal called for its review ... more
Kenya’s Interior Ministry ranked most corrupt in new EACC report
Kenya’s Ministry of Interior and National Administration has been ranked the most corruption-prone national government institution, according to the latest survey released by the country’s ... more