Firm launches N200bn bond for power plant construction
Elektron Finance SPV Plc a funding vehicle wholly owned by Elektron Energy Development Strategies Limited (“Elektron”), a leading energy infrastructure development group based in Nigeria, has announced the launch of its N200bn Bond Issuance Programme and the successful completion of a N4.64bn 15-year Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond. In a statement, it […]
Elektron Finance SPV Plc a funding vehicle wholly owned by Elektron Energy Development Strategies Limited (“Elektron”), a leading energy infrastructure development group based in Nigeria, has announced the launch of its N200bn Bond Issuance Programme and the successful completion of a N4.64bn 15-year Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond.
In a statement, it said the Series I Bond, guaranteed by Infrastructure Credit Guarantee Company Plc (InfraCredit), which is rated “AAA” by both Agusto & Co. and Global Credit Rating Company (GCR), received approval from the Securities and Exchange Commission (SEC).
“This bond issuance marks Elektron’s debut in the Nigerian debt capital markets and proceeds from the bond will be deployed towards the development of the embedded independent power project being developed by Victoria Island Power Limited (VIPL).”
It said the project is a 30MW gas-fired embedded generation plant located in Victoria Island, Lagos.
It said the project features three high-efficiency 10MW reciprocating gas engines from Wartsila, and a 12.6km dedicated electricity distribution network that will supply power directly to the Victoria Island commercial district.
“While the distribution network is substantially complete, construction of the generation plant has commenced and is scheduled for commercial operations in 2026.
The project is a model for de-centralised energy delivery in urban settings, designed to deliver dependable electricity to businesses in one of Nigeria’s most economically critical zones.”
“We are especially grateful to InfraCredit for its unwavering support, and to our bondholders for their trust in our vision” remarked Tola Talabi, MD and Co-CEO at Elektron Energy. “Their involvement reflects a shared belief in Elektron’s capacity to deliver sustainable energy infrastructure projects.”