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FCMB Capital Leads N11.85bn GLNG Bond For LNG Plant Expansion

by Olushola Bello
2 months ago
in Business
FCMB
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FCMB Capital Markets Limited has led the issuance of GLNG Funding SPV Plc’s N11.85 billion 10-Year Series 2 Senior Guaranteed Fixed Rate Infrastructure Bond, which closed in February.

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This milestone highlights investor confidence in Nigeria’s transition to clean energy.

The bond, issued by GLNG Funding SPV Plc and sponsored by Green Liquified Natural Gas (GLNG), is part of its capital-raising strategy aimed at financing the construction of a mini-LNG plant with a liquefaction capacity of 200,000 standard cubic meters of gas per day. This facility will help address Nigeria’s power supply gap and provide industries with a cleaner, more cost-effective alternative to diesel.

The issuance was backed by InfraCredit, an AAA-rated infrastructure credit guarantee firm, and is expected to create over 500 direct jobs and 2,000 indirect jobs, further supporting Nigeria’s sustainable economic growth.

The managing director of FCMB Capital Markets Limited, Ikechukwu Omeruah said, “FCMB Capital Markets remains committed to financing projects that promote clean energy adoption and deliver long-term economic benefits.

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“We appreciate the trust placed in us by GLNG and the vital role played by InfraCredit and our investors in making this transaction successful.”

As gas usage increases in Nigeria, a 2022 report by Clarke Energy estimates that manufacturers could save up to 30 per cent by switching from grid power to gas and up to 80 per cent compared to diesel.

FCMB Capital Markets, part of FCMB Group, has been instrumental in raising over N3 trillion in debt and equity capital for leading corporate organisations in Nigeria over the past five years, reinforcing its position as a major player in the country’s capital markets.


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