Elektron Finance SPV Plc, a funding vehicle established by Elektron Energy Development Strategies Limited, has opened its Series 1 ₦17 billion Senior Guaranteed Fixed Rate Infrastructure Bond, maturing in 2040. This bond issuance forms part of the company's ₦200 billion Bond Issuance Programme.
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The net proceeds from the Series 1 Bonds will be utilised to refinance bridge facilities for Victoria Island Power Limited (VI Power), and to fund the ongoing construction of the Company's 30MW independent gas-fired embedded power generation plant in Victoria Island in collaboration with Eko Electricity Distribution Company.
This 15-year infrastructure bond is fully guaranteed by Infrastructure Credit Guarantee Company Plc.
VI Power, a special purpose vehicle incorporated by Elektron's Power Infracom, will develop and own the 30MW independent gas-fired embedded power generation plant in Victoria Island, Lagos, in collaboration with Eko Electricity Distribution Plc. VI Power will be responsible for managing the distribution infrastructure, billing, and collections from customers, primarily corporate and commercial, within the Victoria Island axis, in line with the guidelines for distribution franchising as provided by the Nigerian Electricity Regulatory Commission.
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