Nigeria’s Ughelli power plant fully financed
Pan-African proprietary investment company Heirs Holdings' majority owned Transcorp has completed the full financing for the $300-million Ughelli power plant in Delta state, Nigeria, as part of its commitment to the US-backed Power Africa initiative.
Earlier this year, President Barack Obama initiated a $7-billion multistakeholder partnership between the US government and seven sub-Saharan African countries, to which the Tony Elumelu-chaired Heirs Holdings last month committed $2.5-billion.
The aim of the initiative is to accelerate investment in Africa’s power sector over the next five years.
“We are committed to developing Nigeria’s power sector efficiently to meet the increasing demands of our fast-growing economy and improve the living standards of all Nigerians,” explained Elumelu.
Transcorp subsidiary Transcorp Ughelli Power Limited (TUPL), which signed a cooperation agreement with General Electric for the development of the power sector in Nigeria, last week paid the $225-million balance for the 1 000 MW capacity plant to Nigeria’s Bureau of Public Enterprise.
An initial deposit of $75-million was made in February.
TUPL plans to increase the power generation capacity of the plant – which was unbundled during the privatisation of Power Holding Company of Nigeria – from 300 MW to over 1 070 MW over the next five years.
Co-arrangers, the United Bank for Africa and the Africa Finance Corporation, and co-financiers, First City Monument Bank and Fidelity Bank, provided the debt financing facility for the acquisition of the plant.
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