ASIKO POWER LIMITED (“ASIKO”)
Providing captive gas solutions through Gas-to-Power (GTP) solution
Asiko Power Limited (Asiko) provides Gas-to-Power (“GTP”) solutions for captive power generation. Asiko currently has a total power production capacity of 5.5 MVA, which it generates and distributes via five (5) units of 1000 KVA gas-fired generators and several 100KVAs, 67 KVAs and 37.5 KVA generators.
Asiko Power Limited (“Asiko”, the “Company”) was incorporated in November 2008 to engage in the trading and distribution of LPG (Propane) for household, commercial and industrial, and the provision of Gas-to-Power solutions, utilising Propane as a cleaner and cheaper fuel source. The Company maintains strategic partnerships with original equipment manufacturers (OEMs), enabling Asiko to offer GTP solutions to customers from as low as 20 KVA to as large as 10,000 KVA. Asiko also deploys Gas-to-Heating and Gas-to-Cooling systems which can be integrated with its power plants to achieve thermal efficiency of up to 80%. The Company operates an efficient logistics business with a fleet of trucks, pick up vans and other vehicles, through which it delivers gas to its customers.
The Company also has medium to long-term gas supply agreements with a diverse pool of gas suppliers. These supply agreements enable Asiko to secure over 5.5 million litres of Propane which it sells to Gas Terminalling (for blending with Butane for cooking gas) and other industrial customers (for direct use), while also allowing the Company to meet its obligations under its PPAs.
Project Highlight
The bonds proceed is deployed to finance the purchase of dual fuel (propane/natural gas) engines (to power fourteen (14) Union Bank of Nigeria Plc (“Union Bank” or “UBN”) branches under a PPA); and finance the purchase of propane logistics equipment and accessories.
1.5
Billion Naira
Increased availability and reduced cost of LPG cooking gas, in line with Clean Energy agenda, thus reducing environmental harmful use of kerosene, firewood and diesel, Job creation – direct and indirect Poverty reduction Reduced air emissions and elimination of soil remediation as LPG is safer for storage and transportation
Transaction Details
With InfraCredit’s guarantee, Asiko was able to access the domestic debt capital markets for the first time and raised NGN1.50 billion 7-year Series 1 Guaranteed Bond under InfraFunding SPV Limited’s NGN200 Billion programme
In April 2022, InfraFunding SPV Limited on behalf of Asiko issued a NGN1.5billion 7-year Series 1 Senior Guaranteed Fixed Rate Infrastructure Bonds under its N200 billion bond issuance programme. The bonds proceed is to finance capital expenditure that relate to the expansion of the company’s power production capacity.
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