Deal: African Finance Corporation,GTB Funds $170million Kaniji Power Plc Acquisition

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The Africa Finance Corporation (AFC) today provided a USD 170 million debt financing facility in conjunction with Guaranty Trust Bank Plc, to the Mainstream Energy Solutions Limited consortium(MESL), for the acquisition of the Kainji Power Plc in the first round of the Federal Government of Nigeria’s privatisation of power generation assets formerly owned by the Power Holding Company of Nigeria (PHCN).

Kainji Plc is one of six power generation limited liability companies established under the provisions of the EPSR Act for the concessioning of hydroelectric power plants, following the unbundling of the vertically integrated PHCN. Kainji Plc consists of two hydroelectric power plants – Kainji Hydroelectric power plant (Kainji HEP) and Jebba Hydroelectric power plant (Jebba HEP) located in the Kainji and Jebba regions of Northern Nigeria, within the confluence of the River Niger, and with a combined installed capacity of 1,338MW. Kainji Plc currently generates approximately 25% of total electricity supplied to the Nigerian national grid.

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Source: AFC