AFC arranges Transcorp’s $215m Ughelli power plant acquisition

The Africa Finance Corporation in conjunction with the United Bank for Africa Plc, First City Monument Bank Plc and Fidelity Bank Plc has provided a $215m debt financing facility for the acquisition of Ughelli Power Plc.

The aggregate commitment of AFC for the acquisition is $55m, according to a statement made available on Tuesday.

Nigeria commenced restructuring and reform of its electricity sector in 2000 with the issuance of the National Electric Power Policy to unbundle the sector and establish a regulator, with a mandate to create and develop a competitive electricity market.

The provisions of the NEPP were subsequently enacted in the Electric Power Sector Reform Act, 2005, providing the key legal and regulatory framework for the reform, including the establishment of the Nigeria Electricity Regulatory Commission, paving the way for private sector participation in the power sector.

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