Providing distributed renewable energy via solar hybrid minigrid solutions Prado Power Limited (the “Company”) is a renewable energy company founded in 2014 to provide electricity access to unserved and underserved communities in Nigeria. The Company also provides Engineering, Procurement & Construction (EPC) and consultancy services on renewable energy projects.
Providing distributed renewable energy via solar hybrid minigrid solutions
Prado Power Limited (the “Company”) is a renewable energy company founded in 2014 to provide electricity access to unserved and underserved communities in Nigeria. The Company also provides Engineering, Procurement & Construction (EPC) and consultancy services on renewable energy projects.
Project Highlight
Prado Power Limited, through a special purpose company, is looking to develop and operate hybrid solar mini grids across four (4) communities (or sites) with a total Solar PV capacity of 850 kWp to serve up to 15,801 connections in Benue and Akwa-Ibom States. In addition to the provision of power to the communities, the Company has identified productive use activities (including threshing, hammer milling, dehusking, etc.) within these communities which would drive the demand for the power generated and is seeking to invest in the required productive use capex.
1.95
Billion Naira
Transaction Details
With InfraCredit’s guarantee, Prado Power was able to access the domestic capital markets for the first time and raised NGN1.95 Billion 7-year Guaranteed Fixed Rate Senior Green Infrastructure Sukuk.
“On November 22, 2024, Prado Power Limited (“Prado Power”) issued an NGN 1.95 billion 7-Year Guaranteed Fixed Rate Senior Green Infrastructure Sukuk Due 2031 (“the Prado Power Green Sukuk”). The Sukuk is blended with NGN1.95 billion in first loss subordinated concessionary loan capital from the Foreign, Commonwealth, and Development Office (FCDO).
|
Issue Date |
22 November 2024 |
|
Co-Obligor |
Prado Power Limited |
|
Rental Amount (NGN) |
1,950,000,000 |
|
Sector |
Renewable Energy |
|
Tenor |
7-Year |
|
Location of Operation |
North-Central and South-South |
|
Asset Size / Capacity |
850kW |
Investor Distribution
Development Impact
