ACOB Lighting Technology Limited (the “Company”) is a renewable energy company founded in 2016 to provide sustainable electricity to underserved and unserved communities. The Company commenced operations in 2016 and has been involved in the construction of mini-grid projects, which includes project that were done as an EPC contractor under the Rural Electrification Fund Program with a total solar PV capacity of 910 kWp.
ACOB LIGHTING TECHNOLOGY LIMITED (“ACOB”)
ACOB Lighting Technology Limited is a renewable energy firm that specializes in the creation and management of mini-grids for serving off-the-grid and underserved homes and businesses in Nigeria.
The ACOB Project is the third transaction under the 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
ACOB, through a special purpose vehicle, is looking to construct and operate isolated solar hybrid mini grids in seven locations across Edo and Ondo State in Nigeria (the “Project”). The Company has signed Power Purchase Agreements (“PPA”) with the various communities to provide power for a tenor of 20 years. The mini grids have a total solar PV capacity of 335 kW with battery storage and generators as a backup power source.
755
Million Naira
Transaction Details
With InfraCredit’s guarantee, ACOB was able to access the domestic debt capital markets for the first time and raised NGN0.755 Billion 7-year Series 1 Guaranteed Bond
“In January, 2024, ACOB Lighting Technology Limited (“ACOB”) issued an NGN 755 million 7-Year Series 1 Fixed Rate Guaranteed Senior Green Infrastructure Bonds Due in 2031 (“the ACOB Series 1 Bond”) under a NGN200 billion Debt Issuance Program. The bond is blended with NGN 755 million first loss subordinated concessionary loan capital from the Foreign, Commonwealth, and Development Office (FCDO).
| Co-obligor | ACOB Lighting Technology Limited |
| Principal Amount | NGN755,000,000 |
| Sector | Renewable Energy |
| Tenor | 7 Years |
| Asset Capacity | 335kW |
