The United States Agency for International Development (USAID) will sign the first-ever bond guarantee to boost the Nigerian Power Sector on Thursday, February 20, 2020.
A statement issued on Tuesday by the Public Affairs Division of the US Embassy in Abuja, the N13 billion-naira ($36.1 million) said the guarantee represents a partnership with InfraCredit, a Nigeria-based private infrastructure guarantee company and a Power Africa partner, that seeks to facilitate private investment in infrastructure to support sustained economic growth in Nigeria.
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The statement added that InfraCredit will partner with GEL Utility Limited, which develops, operates, and provides grid-connected and off-grid electric power. GEL delivers electricity to the Port Harcourt Refining Company through an 84-megawatt (MW) power plant.
Through the bond agreement, GEL will provide 14 megawatts of excess generated electricity from the power plant to customers within the Port Harcourt area, either through Port Harcourt Electricity Distribution Company or directly to eligible customers, the statement added.
