InfraCredit, an ‘AAA-rated’ specialised infrastructure credit score assure establishment, has introduced its assure of GLNG Funding SPV Plc’s N11.85 billion 10-Yr sequence II senior assured fastened fee infrastructure bonds, due in 2035.
The bond is below the N50 billion debt issuance programme of GLNG.
GLNG Funding SPV Plc is a special-purpose funding car established by the promoters of Inexperienced Liquified Pure Fuel Restricted and Inexperienced Fuels Restricted (GFL).
GLNG is a clear power options supplier, delivering pure fuel and power-as-a-service to industrial and logistics clients, which allows them to scale back their reliance on inefficient and environmentally damaging diesel, low-pour gasoline oil (LPFO) and petrol options.
GFL has operated its compressed pure fuel (CNG) distribution enterprise since 2011 and GLNG started its power-as-a-service actions in 2018. GFL presently delivers a median of 5.2 million customary cubic meters (scm) of CNG per 30 days to industrial and business clients in Southwest Nigeria which lack entry to piped fuel infrastructure.
The bond proceeds will probably be used to finance the development of a mini-LNG plant with the capability to liquefy 200,000 scm per day equal to 150 tons per day.
The corporate’s two fuel compression and distribution services in Ogun state make it the biggest in Nigeria with roughly 10.5 million customary cubic ft per day (scf/day) capability, whereas its LNG enterprise and solar energy initiatives are at present within the growth stage.
In a press release, the Group Managing Director of GLNG, Arundeep Sira, acknowledged: “We’re excited in regards to the influence this funding may have on Nigeria’s sustainable power future, this undertaking is not going to solely improve our pure fuel infrastructure but additionally contribute to financial progress and environmental sustainability.”
The Chief Govt Officer of InfraCredit, Chinua Azubike, stated: “It has been an impactful journey working with Inexperienced Liquefied Pure Fuel Restricted since 2019 from the undertaking growth part with the assist of USTDA, to its maiden debt issuance within the capital markets in July 2023 and now the second sequence of its assured bond subscribed by our home pension funds.
“We’re excited to proceed to assist GLNG in its subsequent part of progress as a diversified power firm integrating renewable power sources into its power combine which is able to cut back its levelised value of power alongside its dedication to carbon neutrality.
“The undertaking upon completion, will create over 200 jobs, bolster native industries, and drive financial growth. It re-affirms the dedication and urge for food of home pension funds in financing well-structured and sustainable infrastructure belongings, while additionally reinforcing the personal sector’s skill to boost long-term native forex finance from native debt capital markets for infrastructure growth.”
