27.3 C
Lagos
Saturday, September 26, 2020
- Advertisement -

AFC Seals USD7.75 million Investment in Tower Power Utility

Opinion

What Manner of Olive Branch? By John Mayaki

Happy times are here for Godwin Obaseki, who rode into victory, courtesy of his Rivers State counterpart and comrade-in-electoral sleight of hand,...

Between ‘Dividers-in-Chief and Dividers-in-Law’ By Wole Soyinka

I am notoriously no fan of Olusegun Obasanjo, General, twice former president and co-architect with other past leaders of the crumbling edifice...

Putting our Money Where Our Mouth Is – By Femi Adesina

There is a story that President Muhammadu Buhari likes to tell. He has done so many times in public and private meetings....

El-Rufai and the next Emir of Zazzau By Aliyu Tilde

The last colonial Governor of Northern Nigeria, Sir Bryan Sharwood Smith, was the District Officer (D.O.) of Zaria when the Emir of...

The Africa Finance Corporation (AFC) has concluded a USD 7.75 million investment in the expansion and development of Tower Power Utility Limited (TPUL), existing gas-fired power generation capacity from 8.75MW to 15.3MW.

TPUL is an independent power producer licensed by the Nigerian Electricity Regulatory Commission and established for the purpose of developing, owning and operating an off-grid power plant located in Ogun State, Nigeria is part of Tower Aluminium Plc a subsidiary of the international conglomerate Comcraft Group, and a pioneering leader of aluminium products in West Africa. Comcraft Group, established in India in 1915, produces steel, plastics, and aluminium products in Kenya, Tanzania, Uganda, Ethiopia, and Nigeria.

“AFC is delighted to support the expansion in generation capacity in an off grid IPP and make a small step in addressing the acute power supply deficit impeding industrial production and economic development in Nigeria ” says Andrew Alli, AFC President and CEO. “TPUL is a company with origins and active operations in Nigeria. This is an opportunity for us to contribute to its growth and development and in harnessing south-south infrastructure investment in emergent economies”.

AFC is an African-led financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects. AFC is the lead investor in conjunction with Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. In Cape Verde, AFC has underscored its commitment to pioneering renewable energy investments on the continent with a lead investor role in a €61.0m, 28 megawatt wind farm under development. AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity.

AFC is also the main African participant in a seven-year USD750 million syndicated reserve base lending facility to develop the landmark Ghanaian Jubilee Oil Field – West Africa’s largest offshore deepwater find in over a decade. AFC has invested in the international oil and gas exploration and production company, Seven Energy Limited, which is playing a pioneering role in developing alternative sources of gas for domestic utilisation in the Nigerian power and industrial production sector.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...