First Electric Power and Automation Services Limited is a renewable energy company committed to deploying sustainable energy solutions including mesh-grids and Stand-Alone Solar Systems (SASS) across Nigeria.
The First Electric Project is one of the transactions under InfraCredit’s Clean Energy Funding Programme which seeks to aggregate, de-risk and support eligible clean energy projects in Nigeria to contribute towards meeting the country’s 90% electrification goal by 2030 and the SDG 7 target of ensuring access to affordable, reliable, sustainable, and modern energy for all.
Project Highlight
First Electric, through a special purpose vehicle, is looking to deploy mesh-grid systems with a total capacity of 724.8kWp to supply power to off-grid households and small businesses across twenty (20) communities in Gombe, Nasarawa and Ondo States. The solar PV systems will be supported by batteries and inverters, currently estimated at 2,096.8kWh and 1,830.6kW respectively, to serve as backup energy sources. The Company has signed Power Purchase Agreements (“PPA”) with the various communities to provide power for a tenor of 20 years.
1.7
Billion Naira
Transaction Details
The transaction was supported by InfraCredit’s Construction Finance Warehouse Facility (CFWF) — a bridge financing instrument funded by the Nigeria Sovereign Investment Authority (NSIA) which enables developers to access short-term construction liquidity ahead of long-term refinancing through InfraCredit-guaranteed bonds. The synergy between the NSIA-funded CFWF and the FCDO-funded CFBF underscores InfraCredit’s integrated approach to bridging the financing gap for sustainable infrastructure projects across Nigeria.
|
Co-Obligor |
FIRST ELECTRIC POWER & AUTOMATION SERVICES LIMITED |
|
Principal Amount Outstanding (NGN) |
1.7 Billion |
|
Sector |
Renewable Energy |
|
Location Of Operation |
North East, North Central, South West, Nigeria |
|
Asset Size/ Capacity |
724.8KW |
