Nigeria's power sector receives a major boost as Stanbic IBTC and other financial institutions grant a $225 million loan facility to support the construction of the Accugas gas pipeline project. Accugas Limited is an independent gas exploration and production company who are involved in a series of gas pipeline infrastructure projects in Nigeria.
The $225million Accugas II transaction “Project Calgas” is the second phase of its gas pipeline projects which involves the construction of the second train of the gas processing facility, the construction of a 40km pipeline from Uquo to Oron, which will tie into the 560MW Calabar NIPP Power Plant.
First Bank of Nigeria, First City Monument Bank and United Bank for Africa are the other institutions also involved.
Stanbic IBTC Capital is involved in this transaction as a co-Mandated Lead Arranger, Technical Bank and Documentation Bank on this transaction; whilst Stanbic IBTC Trustees is the Facility Agent; Stanbic IBTC Bank is Joint Technical Bank, Lender and an Account Bank.