The Africa Finance Corporation (AFC) has concluded a USD 7.75 million investment in the expansion and development of Tower Power Utility Limited (TPUL), existing gas-fired power generation capacity from 8.75MW to 15.3MW.
TPUL is an independent power producer licensed by the Nigerian Electricity Regulatory Commission and established for the purpose of developing, owning and operating an off-grid power plant located in Ogun State, Nigeria is part of Tower Aluminium Plc a subsidiary of the international conglomerate Comcraft Group, and a pioneering leader of aluminium products in West Africa. Comcraft Group, established in India in 1915, produces steel, plastics, and aluminium products in Kenya, Tanzania, Uganda, Ethiopia, and Nigeria.
“AFC is delighted to support the expansion in generation capacity in an off grid IPP and make a small step in addressing the acute power supply deficit impeding industrial production and economic development in Nigeria ” says Andrew Alli, AFC President and CEO. “TPUL is a company with origins and active operations in Nigeria. This is an opportunity for us to contribute to its growth and development and in harnessing south-south infrastructure investment in emergent economies”.
AFC is an African-led financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects. AFC is the lead investor in conjunction with Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. In Cape Verde, AFC has underscored its commitment to pioneering renewable energy investments on the continent with a lead investor role in a €61.0m, 28 megawatt wind farm under development. AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity.
AFC is also the main African participant in a seven-year USD750 million syndicated reserve base lending facility to develop the landmark Ghanaian Jubilee Oil Field – West Africa’s largest offshore deepwater find in over a decade. AFC has invested in the international oil and gas exploration and production company, Seven Energy Limited, which is playing a pioneering role in developing alternative sources of gas for domestic utilisation in the Nigerian power and industrial production sector.