InfraCredit has announced its guarantee of Green Liquified Natural Gas Limited (GLNG) Funding SPV Plc's ₦11.85 billion 10-Year Series II Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2035.
The guaranteed bonds are part of GLNG Funding SPV Plc's ₦50 billion Debt Issuance Programme. The company is a special-purpose funding vehicle established by the promoters of Green Liquified Natural Gas Limited (GLNG) and Green Fuels Limited (GFL).
GLNG is a leading clean energy solutions provider, delivering natural gas and power-as-a-service to industrial and logistics customers. The company's sister company, GFL, has been operating a compressed natural gas (CNG) distribution business since 2011, delivering an average of 5.2 million standard cubic meters (scm) of CNG per month to customers in Southwest Nigeria.
The bond proceeds will be used to finance the construction of a mini-LNG plant with a capacity to liquefy 200,000 scm per day, equivalent to 150 tons per day. The company's gas compression and distribution facilities in Ogun State have a capacity of approximately 10.5 million standard cubic feet per day (scf/day), making it the largest in Nigeria.
FCMB Capital Markets Limited acted as Lead Issuing House/Bookrunner and ARM Capital Limited and Vetiva Capital Management Limited (Advisory) acted as Joint Issuing Houses and Bookrunners for the transaction.
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