Former power minister, Professor Bart O. Nnaji, who is the chairman/CEO of Geometric Power Limited, has confirmed that the 188 Megawatts power plant in Aba, Abia state will be ready in June next year.
LEADERSHIP reports that the African Export-Import Bank (Afreximbank) has signed a $50 million term loan facility with Geometric Bank Limited for the Aba Integrated Power Project in Nigeria.
The facility provided by Afreximbank to Geometric Power Limited will finance the initial capital required to acquire rights to the Aba Ring Fenced Area.
Confirming the development in a text message to our Correspondent, Nnaji said, the facility will be ready in six months from this December.
The fund will also support the completion of remaining works and the commissioning and commencement of operations of the Aba Integrated Power project in Southeastern Nigeria.
In this connection, Afreximbank successfully completed its Advisory and Capital Raise Mandate for the Aba Integrated Power Project.
The bank advised projects sponsors Geometric Power on restructuring and arranging gap capital in the $332 million recapitalisation funds for the Aba IPP Power Project.
The Aba Integrated Power Project is a fully integrated generation and distribution utility located in Osisioma local government area in Aba city, Abia State.
President of Afreximbank, Prof Benedict Oramah, said, they are proud to be part of this milestone achievement by having resolved this recapitalisation and financing.
“In line with the Bank’s Fifth Strategic Plan and in particular the strategic pillars related to financing, industrialisation and export development, the commissioning of the Aba Integrated Power Project embodies Afreximbank’s objectives in many dimensions and could possibly be a tipping point towards the industrialisation of Nigeria through stable power supply,” he said.
The Abia state governor, Okezie Ikpeazu, in his remarks, stated that, the Aba IPP project will transform the economy of Abia State and will be critical to the success of the Enyimba Economic City project in the state.
It will ensure that the over 250,000 SMEs in the state who export their projects will have reliable electricity supply to enable them to standardise their products and reduce their cost of operations.