VI Power is a special purpose vehicle incorporated in April 2018 to develop, own and operate a 30MW gas-fired power plant in Victoria Island in collaboration with Eko Electricity Distribution Company (EKEDC). VI Power is responsible for managing and upgrading the associated distribution infrastructure, procuring the required financing to undertake the network reinforcements and extensions, as well as managing billings and collections from customers. VI Power has an embedded power generation license and will supply power to customers in the Victoria Island franchise area of EKEDC.
VI Power limited (“VI POWER”)
VI Power was incorporated by Elektron Energy as a special project vehicle (SPV) to develop and finance the 30MW embedded generation plant in Victoria Island.
Elektron Energy is an energy infrastructure development company focused on developing and operating sustainable energy infrastructure projects in Nigeria and currently supplies power to Lagos State Government (LASG) in the Alausa Secretariat through its wholly owned subsidiary Alausa Power Limited (APL). APL commenced operations in 2013 and operates a 10.6MW IPP under a 10-year PPA with LASG.
Project Highlight
The Project relates to the construction of a 30MW gas-fired reciprocating engine power plant, a modular power plant comprising three generating units of 10MW each which will evacuate power to commercial and residential customers in Victoria Island on a willing buyer and willing seller basis. The Project is expected to result in increased availability, quality, and reliability of power and cost reduction of up to 20% by migrating quality customers from the grid to the power plant as the primary source of power.
34.1
Billion Naira
Transaction Details
With InfraCredit’s guarantee, V.I Power secured NGN34.1 billion in long-term financing from the Bank of Industry, the domestic debt capital markets, and other financing facilities.
V.I Power secured NGN34.1 billion in financing from the Bank of Industry, the domestic debt capital markets, and other financing facilities. The proceeds were used to finance capital expenditure associated with the construction of the 30MW gas-fired reciprocating engine power plant.
| Issue date | 8th June 2023 | 26th September 2023 | 27th December 2023 |
| Co-obligor | VI Power Limited | VI Power Limited | VI Power Limited |
| Principal Amount Outstanding | 9,200,000,000 | 3,800,000,000 | 3,000,000,000 |
| Sector | Off grid power | Off grid power | Off grid power |
| Tenor | 7 years | 3 years | 18 months |
| Location of Operation | South-West, Nigeria | South-West, Nigeria | South-West, Nigeria |
| Asset Size & Capacity | 30 MW | 30 MW | 30 MW |
Investor Distribution
Development Impact
