Falcon Corporation Limited has announced the successful closing of a N19.41 billion facility from the Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF).
According to the managing director of the company, Prof. Joe Ezigbo, “At Falcon, we consider our investments in the Gas industry as a national service first. This is why over the past almost thirty years, we have continued to expand our footprints within the industry, despite the various challenges within the environment. Gas development is our contribution to nation building and we remain unrelenting in this regard.”
The deputy managing director and co-founder of Falcon, Audrey Joe-Ezigbo, emphasised that “As a progressive company, deeply committed to the growth and advancement of Nigeria’s domestic Gas industry, we are expanding our investments across the Gas industry value chain, from our traditional role in the downstream sector, to our current midstream investments, and positioning for an intended upstream play. We are fully aligned with the nation’s aspirations to leverage gas for industrialisation, and our primary energy transition fuel, with a strong focus on its use for power and cooking. LPG’s characteristics, such as portability, high energy value, low emissions, and reduced carbon footprint, make it an ideal choice for cooking and other industrial uses.”
As stated by the chief executive officer of Chapel Hill Denham, Bolaji Balogun,“Chapel Hill Denham is pleased to support the integrated LPG infrastructure in Rivers State as this will not only increase domestic LPG consumption but also help in achieving one of the critical sustainable development goals aimed at reducing carbon emissions, air pollution, and habitat loss resulting from the use of firewood for cooking by more than 30 million households.”
Falcon’s general manager, Finance, Nelson Walter, in addressing the choice of debt provider, stated, “NIDF is renowned for providing debt financing with reasonable terms for impactful infrastructure projects. They have shown a depth of understanding of the imperatives for project success and offered a flexible long-term loan repayment structure for Falcon in alignment with this. We are extremely delighted to have partnered with NIDF on this groundbreaking Project. “
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