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IFC Provides $80m Facility For Azura-Edo Power Plant by Omooba77: 6:17am On Dec 02, 2014 |
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/ |
Re: IFC Provides $80m Facility For Azura-Edo Power Plant by Omooba77: 6:18am On Dec 02, 2014 |
I pray all these will translate to stable light. |
Re: IFC Provides $80m Facility For Azura-Edo Power Plant by holatin(m): 6:46am On Dec 02, 2014 |
k oooo. Another debt |
Re: IFC Provides $80m Facility For Azura-Edo Power Plant by Omooba77: 11:36am On Dec 02, 2014 |
Let there be light........ |
Re: IFC Provides $80m Facility For Azura-Edo Power Plant by 2cato: 12:15pm On Dec 02, 2014 |
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 |
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Urgent Advice Needed / Stop Doing Business Like Your Are In The 80s / .
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