InfraCredit Supports Green LNG’s Issuance of N5bn 10-Year Infrastructure Bonds

InfraCredit, an ‘AAA’-rated specialised infrastructure credit guarantee institution, has announced its guarantee of GLNG Funding SPV PLC’s N5 billion 10-Year Series I Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2033 (GLNG Series I Bonds) under the NGN50 billion Debt Issuance Programme.

GLNG Funding SPV Plc is a special-purpose funding vehicle established by the promoters of Green Liquefied Natural Gas Limited (GLNG) and Green Fuels Limited (GFL) as part of GLNG Group’s capital-raising plan. GLNG Group is a clean energy solutions provider, delivering natural gas and power-as-a-service to industrial and logistics customers, which enable them reduce reliance on inefficient and environmentally damaging diesel, LPFO and petrol solutions.

According to a statement, GFL has operated its compressed natural gas (CNG) distribution business since 2011 and GLNG begin its power-as-a-service activities in 2018. The Group’s two-gas compression and distribution facilities in Ogun State make it the largest in Nigeria with approximately 10.5mmscfd capacity, while its LNG business and solar power initiatives are currently in development stage with expected commissioning by 2024.

The statement noted that the Bond proceeds would be used to finance the development of its Liquefied Natural Gas plant and expand its CNG distribution and power-as-a-service capabilities.

The Chairman of GLNG, Mr. Olajide Rosiji, stated: “This maiden bond transaction is an important milestone for GLNG, as it provides the leverage to finance our ambitious plan to establish a state-of-the-art LNG plant in Nigeria. More importantly, the success of this transaction reinforces our steadfast commitment to contribute to Nigeria’s clean energy and transportation landscape and foster sustainable economic growth in the region.”

In his remarks, the Chief Executive Officer of InfraCredit, Mr. Chinua Azubike, said, “It has been an exciting journey working with GLNG Group on this groundbreaking transaction, showcasing our commitment to inclusive access to local currency finance for infrastructure development. The project aligns with InfraCredit’s Clean Energy Transition Strategy and Nigeria’s Energy Transition Plan, supporting cleaner energy sources and reducing emissions.

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