The International Finance Corporation, IFC, a member of the World Bank Group, yesterday, signed an agreement to provide an $80 million debt facility, about N13.6 billion to Azura Power West Africa  Limited, to finance the 450  mega watts (MW) gas-fired Azura-Edo Independent Power Project in Nigeria.The project, according to a statement by the IFC, will help strengthen Nigeria’s gas-to-power value chain and  deliver  electricity  to almost 14 million residential consumers in the country.Giving a breakdown of the facility, IFC stated that it is providing $50 million, about N8.5 billion, in debt for its own account, and $30 million, about N5.1 billion of  subordinated  debt,  for a total of $80 million.IFC is also mobilising $212.5  million (N36.125 billion), of which $177.5 million (N30.175 billion) has been jointly raised with Dutch DFI  Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), in  long-term  financing  from  a  pool  of  eight  development  finance institutions.IFC  disclosed that it acted  as  co-Lead Arranger with FMO for the senior DFI tranche  of  the financing.The balance of debt financing, according to the IFC, is being provided by international commercial lenders, co-arranged by Standard Chartered Bank (SCB) and Rand Merchant Bank (RMB) and guaranteed by the World Bank and the Multilateral Investment  Guarantee Agency (MIGA).“First City Monument Bank (FCMB) is administering a local currency facility provided from the Central Bank  of  Nigeria’s, CBN, Power and Airline Intervention Fund through the Bank of Industry. Standard Chartered Bank is the Global Lead Arranger for the project,” the IFC noted.The IFC further explained that the Azura-Edo  IPP consists of the construction, operation and maintenance of a 450 MW gas-fired open-cycle power plant located in Edo State, Nigeria, adding that it also includes the construction of a short 330kV transmission line and an underground  gas  pipeline spur connecting the power plant to the country’s main gas trunk line.The IFC stated that the project  has  been developed by a consortium of investors led by Amaya Capital Limited, a principal investment firm focused on energy projects in West Africa, while the other  shareholders  are  American  Capital  Energy  and Infrastructure,  the  Africa  Infrastructure  Investment  Fund  2,  Aldwych International  Limited,  Pan African Infrastructure Development Fund 2 LLC, and the Asset & Resource Management Company Limited.Commenting on the development, Mr. Sundeep  Bahanda,  co-founder  of  Amaya Capital and Mr. David Ladipo, Managing  Director  of  the  Azura-Edo IPP, in a joint statement said, “The completion of the financing is a major milestone in our project development timeline.  We  have  been  working very closely with our financing partners over  the past few years and today’s signing reflects all the tireless work put in by all the financiers and our advisors.”Also speaking, Bernie  Sheahan,  Director for Infrastructure at IFC, said, “This  project  is  a cornerstone of the World Bank Group’s Energy Business Plan for Nigeria to support the country’s extensive energy reform program.“The World Bank Group’s substantial involvement in the Azura-Edo power project is a clear confirmation  of  our  commitment to help the Federal Government of Nigeria develop a sustainable gas-to-power sector.”Sheahan said the IFC has worked  closely  with  its  sister institutions of the World Bank Group, which are providing additional support to this landmark transaction, noting that the Azura-Edo  IPP  is  the  first  project to benefit from the World Bank Guarantees. 

http://www.vanguardngr.com/2014/12/ifc-provides-80m-facility-azura-edo-power-plant/

I pray all these will translate to stable light.

k oooo.
Another debt

Let there be light........

You people should stop all these nansense you are posting. Any way wake me up whenever they are about to commission it. And whoever condem gej for these action may he or her wife or husband runawy from the house