Proton Energy secures Afreximbank backing for 500MW power project

Proton Energy has secured a key funding milestone for its 500 megawatt (MW) Delta Sunrise power project with the signing of a Term Sheet Agreement with the African Export-Import Bank (Afreximbank), bringing the project closer to financial close and construction.

The Term Sheet was officially signed on June 26, 2025, in Abuja.

The gas-powered plant, set to be developed in two phases, will initially deliver 150 MW to Nigeria’s national grid by 2027, with the second phase adding 350 MW to bring total capacity to 500 MW.

Nigeria continues to struggle with inadequate electricity supply, ranking poorly on global energy access and reliability indices. The Proton Delta Sunrise project is part of wider national efforts to leverage Nigeria’s vast gas reserves to strengthen the electricity sector and drive socio-economic development.

Speaking at the signing, Oti Ikomi, executive vice-chairman and CEO of Proton Energy, described the milestone as pivotal.

Read also: Proton energy’s $250M sunrise project to start operations 2025

“Proton Energy is a significantly advanced IPP project which, with the continued support of partners like Afreximbank, will reach Financial Close early 2026. We thank our partners for their dedication towards executing this agreement and contributing to the development of a more robust domestic electricity market,” Ikomi said.

Chairman of Proton Energy, Ike Osakwe, praised the project team for its perseverance.

“It is good to see the project reach near ‘shovel-ready’ status. We expect that on the back of this achievement, the project will be able to reach an early financial close and start to deliver a much-needed reliable supply of power to the national grid,” he said.

Beyond energy delivery, the project is expected to catalyse economic activity with the creation of up to 10,000 direct and indirect jobs during construction, and attract over $250 million in foreign direct investment.

Designed with environmental sustainability in mind, the power plant will utilise a Combined Cycle Gas Turbine (CCGT) configuration to reduce carbon emissions and make efficient use of Nigeria’s flared gas resources.

Ikomi added that the Delta Sunrise project aligns with Nigeria’s broader power sector reforms and medium-term plans to improve electricity access, affordability, and long-term economic competitiveness.

“A vibrant Nigerian power sector will play a pivotal role in the country’s future economic development,” he said.