ENERGY:Azura-Edo power gets World Bank support

-
The Multilateral Investment Guarantee Agency, MIGA, the political risk insurance and credit enhancement arm of the World Bank Group, has pledged its support for the Azura-Edo Independent Power Producer, IPP.

The power project which requires about US$900 million has reached financial close is expected to bring reliable and
affordable energy to the nation’s grid, aimed at serving nearly 12 million residential consumers.

The MIGA support according to a statement weekend, is part of a larger programme being implemented by the World Bank Group to mobilise nearly US$1.7 billion of private-sector financing to support Nigeria’s energy reform programme in general.

“In particular, the World Bank, the International Finance Cooperation (IFC), and MIGA have worked jointly to finance Azura-Edo with a package of guarantees, loans, and political risk insurance,” the statement said.

MIGA’s guarantees for the project total $492 million. They cover equity investments by Amaya Capital Ltd., American Capital Energy and Infrastructure, Aldwych Azura Limited, the African Infrastructure Investment Fund 2 Power Holding, and Asset and Resource Management Ltd.

MIGA is also covering commercial lending by Siemens Bank, KfW IPEX, Rand Merchant Bank, and Standard Bank—with Standard Chartered Bank acting as agent on behalf of the lenders. Hedging instruments by Standard Chartered and RMB are also covered by MIGA’s guarantees.

Azura-Edo is the first wholly project-financed IPP in Nigeria, and “consists of the construction, operation, and maintenance of a 459-megawatt, gas-fired, open-cycle power plant in the vicinity of Benin City, Edo State, Nigeria.


“It also includes the construction of a short 330-kV transmission line connecting the power plant to the Benin North substation and a short underground gas pipeline spur connecting the power plant to the country’s main gas trunk line. The project will deliver power not only to Nigeria, but also the broader West African Power Pool.

Comments

Post a Comment

Popular posts from this blog

Aaron Carter: Housekeeper Who Found Body Was Homeless Before He Took Her In 3-Weeks Before His Death

-
Image
The housekeeper who discovered the body of Aaron Carter is a homeless woman, he had taken in, TMZ reports. According to the report by TMZ, sources revealed to the tabloid that Aaron Carter and his fiancée, Melanie Miller, went down to Orange County last month for a few nights to visit their son, Prince, who’s currently under the care of Melanie’s mom, as neither parent had physical custody of the child. While they were in the OC, sources revealed to TMZ that Aaron Carter and Melanie got word of a possible break-in at their house, their front door was open and someone left behind cigarette butts. TMZ sources say when they got back to Lancaster, a friend urged them to get someone to house-sit for them if/when they left. Turns out, the friend had a woman in mind from his church who happened to be homeless. TMZ reported that Melanie and Aaron met her, and they felt she was a good fit, so they brokered a deal where they’d offer her a free place to stay in exchange fo...
Read more

Karen Bass Defeats Rick Caruso In L.A Mayoral Race

-
Image
Karen Bass has won the heated Los Angeles Mayoral race against billionaire businessman Rick Caruso and will now become the first elected female and second Black mayor of Los Angeles. According to reports, Karen Bass narrowly defeated billionaire developer Rick Caruso in the highly contested mayoral race on Wednesday. With 70% of the vote tallied, Bass had amassed an insurmountable lead of nearly 47,000 votes. After a week of counting, the longtime congresswoman, 69, who has represented California’s 37th District in D.C. since 2011, won the mayoral race with just over 53 per cent of the vote as called by the Associate Press. Karen Bass fought off a late run by the 63-year-old Caruso, who gained ground in the election’s late days by converting undecided voters, according to the  Los Angeles Times . Bass, who is a Democrat, had widespread support from the city’s liberal base, while Caruso, a newfound Democrat who’s previously registered as both Republican and independent, garnered vot...
Read more

Whittier: Many Injured As Driver Run Into Jogging Law Enforcement Recruits

-
Image
  A driver is reported to have slammed into more than two dozen law enforcement recruits while out on a run in Whittier, ABC7 reports.  According to the report, authorities say some of them suffered “life-altering injuries” that include head trauma, broken bones and loss of limbs. A class of about 75 recruits were running Wednesday morning as part of a training exercise when a 22-year-old driver crashed into the group in Whittier.  The victims and their injuries A total of five recruits are currently in critical condition, four are being treated for “moderate” injuries and 16 have minor injuries. Sheriff Alex Villanueva said at least one is on a ventilator, ABC7 reports. The recruits were all sent to various hospitals in the Whittier area, but the most critical patients were rushed before paramedics arrived. Villanueva said that action helped save lives, the report added. “Fortunately, every class, typically, we have EMTs – I think this class even had an RN, who was a rec...
Read more