Power Africa has supported the development of 3,033.5 megawatts (MW) of electricity generation projects in Nigeria. In addition, various firms have received U.S. Embassy support to move transactions forward. The exhibits below illustrate Power Africa’s financially closed transactions in Nigeria, some of which are already online and generating critical electricity supply for the people of Nigeria.

Power Africa Financially Closed Transaction in Nigeria

First Independent Power - Afam (Natural Gas – 180MW)

Financial Close Date: 09/25/2013
Commercial Operations Date: 12/29/2017
Estimated Project Cost: $N/A
Overview: The First Independent Power Limited/Afam power plant was privatized as part of Nigeria's efforts to restructure and reform the energy sector. USAID provided technical assistance to the Bureau of Public Enterprises (BPE) and the Nigerian Bulk Electricity Trading (NBET) Plc. by reviewing and commenting on project agreements; credit and reimbursement agreements; partial risk guarantees; letters of credit; and other related documentation. First Independent Power Limited/Afam is a licensed power generation company, which owns and operates power plants in Rivers State, Nigeria and was incorporated in 2006. The project reached financial close in September 2013.

First Independent Power - Elema (Natural Gas – 75MW)

Financial Close Date: 09/25/2013
Commercial Operations Date: 12/29/2017
Estimated Project Cost: $N/A
Overview: The Elema Power Plant was part of Nigeria’s efforts to restructure and reform the energy sector. USAID supported the efforts to privatize the Elema Plant by providing technical assistance to the Bureau of Public Enterprise (BPE) and the Nigerian Bulk Electricity Trading (NBET) Plc. by reviewing and commenting on drafts of the support agreement; project agreements; credit and reimbursement agreements; partial risk guarantees; letters of credit; and other related documentation. First Independent Power Limited/Elema (Nigeria) is a licensed power generation company, which owns and operates power plants in Rivers State, Nigeria and was incorporated in 2006. The project reached financial close in September 2013.

First Independent Power - Omoka (Natural Gas – 25MW)

Financial Close Date: 09/25/2013
Commercial Operations Date: 12/29/2017
Estimated Project Cost: $N/A
Overview: The Omoka power plant was part of Nigeria’s efforts to restructure and reform the energy sector. USAID assisted in the privatization efforts by providing technical assistance to the Bureau of Public Enterprise (BPE) and the Nigerian Bulk Electricity Trading (NBET) Plc. by  reviewing and commenting on drafts of the support agreement, project agreements, credit and reimbursement agreements, partial risk guarantees, letters of credit, and other related documentation. Incorporated in 2006, First Independent Power Limited (Nigeria) is a licensed power generation company, which owns and operates power plants in Rivers State, Nigeria. The project reached financial close in September 2013.

Kainji Power--Jebba Hydro Power Station (Privatized Asset) (Hydro – 96.4MW)

Financial Close Date: 11/01/2013
Commercial Operations Date: 12/29/2017
Estimated Project Cost: $N/A
Overview: Kainji Plc consists of two hydroelectric power plants – Kainji Hydroelectric power plant (Kainji HEP) and Jebba Hydroelectric power plant (Jebba HEP) located in the Kainji and Jebba regions of Northern Nigeria. Kainji Plc was part of Nigeria's efforts to restructure and reform the energy sector, which included privatization of state-owned energy assets. The Jebba plant is one of Nigeria’s cheapest and steadiest suppliers of electricity and USAID supported the rehabilitation of its generation capacity. USAID assisted in the privatization efforts by providing technical assistance to the Bureau of Public Enterprise (BPE) and the Nigerian Bulk Electricity Trading (NBET) Plc. This included reviewing and commenting on drafts of the support agreement; project agreements; credit and reimbursement agreements; partial risk guarantees; letters of credit; and other related documentation. Those involved in the project included Guarantee Trust Bank and Power Africa Partners Africa Finance Corporation (AFC) and the African Development Bank, which committed to a $68 million debt financing facility to Mainstream Energy Solutions Limited consortium for the acquisition of the Kainji Power Plc. This project reached financial close in November 2013.

Kainji Power--Kainji Hydro Power Station (Privatized Asset) (Hydro – 540MW)

Financial Close Date: 11/01/2013
Commercial Operations Date: 12/29/2017
Estimated Project Cost: $456.5M
Overview: The Kainji PLC was privatized as part of Nigeria's efforts to restructure and reform the energy sector. Kainji consists of two hydroelectric power plants – Kainji Hydroelectric power plant (Kainji HEP) and Jebba Hydroelectric power plant (Jebba HEP) located in the Kainji and Jebba regions of Northern Nigeria. The Kainji plant is one of Nigeria’s cheapest and steadiest suppliers of electricity and USAID supported the rehabilitation of its generation capacity. USAID assisted in the privatization efforts by providing technical assistance to the Bureau of Public Enterprise (BPE) and the Nigerian Bulk Electricity Trading (NBET) Plc. This included reviewing and commenting on drafts of the support agreement; project agreements; credit and reimbursement agreements; partial risk guarantees; letters of credit; and other related documentation. This project reached financial close on the project in November 2013.

Olorunsogo I (Privatized Asset) (Natural Gas – 213.1MW)

Financial Close Date: 12/23/2013
Commercial Operations Date: 11/30/2015
Estimated Project Cost: $117.3M
Overview: The Olorunsogo I power plant was privatized as part of Nigeria's efforts to restructure and reform the energy sector. USAID assisted in the privatization efforts by providing technical assistance to the Bureau of Public Enterprise and the Nigerian Bulk Electricity Trading (NBET) Plc. This included reviewing and commenting on drafts of the support agreement; project agreements; credit and reimbursement agreements; partial risk guarantees; letters of credit; and other related documentation. This project reached financial close in December 2013 and was commissioned in November 2015.

Omotosho I (Privatized Asset) (Natural Gas – 74MW)

Financial Close Date: 08/14/2014
Commercial Operations Date: 11/30/2015
Estimated Project Cost: $217.5M
Overview: Power Africa deployed two embedded advisors (legal and commercial) and additional short-term technical assistance to the NDPHC in support of its efforts to finalize the privatization and sale process for five key Nigeria National Integrated Power Projects Plants (Independent Power Producer) by March 2018, including the Omotosho power plant. The Niger Delta Power Holding Company (NDPHC) estimates that the privatization of the five plants will yield up to an additional 1,700 MW. USAID has also assisted the Bureau of Public Enterprises in this privatization exercise as well as the Nigerian Bulk Electricity Trading (NBET) Plc. through its PPA negotiations.

Sapele Power (Privatized Asset) (Natural Gas – 940MW)

Financial Close Date: 11/01/2013
Commercial Operations Date: 12/29/2017
Estimated Project Cost: $434M
Overview: This transaction was part of Nigeria's efforts to restructure and reform the energy sector. USAID assisted in the privatization efforts by providing technical assistance to the BPE and NBET. This included reviewing and commenting on drafts of the support agreement; project agreements; credit and reimbursement agreements; partial risk guarantees; letters of credit; and other related documentation.

Ughelli Power (Privatized Asset) (Natural Gas – 220MW)

Financial Close Date: 11/01/2013
Commercial Operations Date: 09/30/2015
Estimated Project Cost: $600M
Overview: The  Ughelli Power Plant was privatized and ownership was transferred from the government of Nigeria to Transcorp Power Limited. Ughelli Plant is a gas-fired thermal plant located in Ughelli, Delta State in the Niger Delta region of Nigeria, and is an asset of Transnational Corporation of Nigeria Plc. (Transcorp)’s power subsidiary, Transcorp Ughelli Power Limited. USAID supported the project through options for credit-enhanced long-term financing. Other partners included the United Bank of Africa. This project reached financial close in November 2013 and was commissioned in September 2015.

Azura-Edo (Natural Gas – 450MW)

Financial Close Date: 12/28/2015
Commercial Operations Date: 12/31/2018
Estimated Project Cost: $600M
Overview: Power Africa’s engagement on this transaction has been extensive. Initially, through its support to Nigerian Bulk Electricity Trading (NBET), Power Africa assisted with the power purchasing agreement negotiations, and with the development of the Put/Call Option Agreement, which was adopted in lieu of a government guarantee. In 2015, the U.S. Government worked to facilitate President Buhari’s decision to waive compliance with a Presidential circular for the project. Power Africa transaction advisors helped with the final steps needed for the transaction to reach financial close. Aldwych, a Power Africa partner and the Overseas Private Investment Corporation teamed up to bring the Azura gas project to financial close. The World Bank’s Multilateral Investment Guarantee Agency (MIGA) and additional Power Africa Partners also played critical roles towards financial close.

Egbin Power (Privatized Asset) (Natural Gas – 220MW)

Financial Close Date: 11/01/2013
Commercial Operations Date: 12/29/2017
Estimated Project Cost: $407.3M
Overview: Egbin Power Project is a result of the Bureau of Public Enterprises (BPE) (Nigeria) privatization of the country’s largest power company, Egbin Power PLC. The company is now 70 percent owned by a joint venture between Korea Electric Power Corp and the Sahara Group conglomerate (Nigeria), which has interests in power distribution. The other 30% is held by the Government of Nigeria. The Egbin Power Project restored 220 MW of lost generation capacity from under-investment. USAID worked with NBET to finalize the PPA to permit privatization. This project achieved financial close in November 2013.

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