Friday, May 13, 2022 / 10:05 PM / by Comercio Partners / Header Image Credit: Siemens

We are pleased to inform you of the upcoming launch of the Geregu Power PLC (the “Geregu Power” or “Issuer” or “Company”) Series 1 offer of up to ₦40 billion (the “Offer”), Fixed Rate Senior Unsecured Bonds, under its ₦100 billion Multi-Instrument Debt Programme. 

The Issuer is a power generation company incorporated in 2006 and commissioned in 2007. The Company is principally engaged in the business of electric power generation and sale of electric power through the National Grid of the Transmission Company of Nigeria (“TCN”) to the Nigerian Bulk Electricity Trading PLC (“NBET”). Geregu’s power plant is effectively 100% owned and operated by Amperion Power Distribution Company Limited (“APDCL”), following the initial acquisition from the Company and plant from the Bureau of Public Enterprises (“BPE”) in 2013 and subsequent share purchases, through which Amperion consolidated its holdings to 100%. 

The Geregu Power Plant consists of three simple cycle natural gas fired SIEMENS STG5-2000E turbine generator units with a 435MW Installed Capacity. The installed capacity of the plant increased from 414 MW to 435MW, after a significant overhaul was completed in 2016. Available capacity also increased from 138MW to 435MW while capacity utilization increased from 30% to about 75%.

Geregu Power is currently rated (“A”) by GCR Ratings and (“Bbb+”) by Agusto & Co. and plans to utilise the net proceeds from the Series 1 bond issuance to part-finance the expansion of its current power generation capacity.

Summary of the indicative terms of the proposed Offer is indicated below:

Kindly refer to the documents listed below

• GCR’s Issuer and Issue Rating Reports
• Agusto & Co.’s Issuer and Issue Rating Announcements
• Audited Financial Statements (2017 - 2021)