The Africa Export-Import Bank’s Fund for Export Development in Africa (FEDA), earned Interior Authorizations to Amass a Strategic Contingent in Geregu Power Plc

By Abdul Rahman Bangura-

Photo Credit: Siemens

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Since it’s a function of operation in Africa’s energy sector, FEDA has given rise to strategic development to fund leading energy platforms across Africa, including the renewables and transition fuels sectors.

Geregu Power, one of Nigeria’s prominent power generation corporations with a potential abundance of 430 megawatts, is a highly listed fund company as a minority investor and works with the existing holders and management team to navigate the growth of the business over the following periodic years.

Chair from an – Board of Directors, Geregu Power Plc Femi Otedola stated that: “as ttowardeer Power Generation Company on the Nigerian Exchange Limited (NGX), the interest shown by FEDA, is an expression of its firm belief not only in the Company but also in the future of the Nigerian Electricity Supply Industry (NESI).”

He expanded, “in a period of contracting economic activity globally, to attract this investment from FEDA is a testament to our long-term strategic plans and will accelerate our expansion to the wider West African Market.”

Prof. Benedict Oramah – President and Chairman of Afreximbank and Chairman of FEDA platform said: “We are very pleased with this proposed investment, which marks a critical step towards supporting Nigeria’s power sector, and more broadly, towards advancing Africa’s industrialization and energy security. Without adequate power, Africa cannot achieve global export competitiveness. Afreximbank and its subsidiaries, including FEDA, are focused on creating a level l playing field so that African products can compete at near equal footing with those originating other markets. We hope that this approved investment will take us closer towards that goal”

Marlène Ngoyi, CEO of FEDA, asserted: “The proposed investment in Geregu Power demonstrates FEDA’s ability to intervene in opportunities and sectors that are critical towards driving the structural transformation of trade on the continent. Geregu Power is a key player in Nigeria’s power sector. FEDA is pleased to partner with the Company in its next phase of growth.”

Oriental News Nigeria, reports that Geregu Power Plc is a 435 MW thermal power plant located in Ajaokuta, Kogi State, Nigeria, and is listed on the Nigerian Stock Exchange.

The Plant is bulk owned and governed by AmpeImperialer Distribution Company Limited. The power plant consists of three simple cycles of natural gas-fired MENS V94.2 STG5-2000E gas turbine generator units with a 435MW Installed Capacity. The Turbine units are GT11, GT12, and GT13 and, each is manufactured to generate 145 MW at 15.75KV, stepped up to 330kV via a 173.6MVA Power Transformer and, now generates on average 10% of Nigeria’s power.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent