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ARM-Harith. Photo: Businessday
ARM-Harith Infrastructure Fund (ARMHIF) has unveiled an investment of $18.75 million into Elektron Power Infracom (EPI), a Mauritius incorporated decentralised energy platform dedicated to the delivery of hybrid energy solutions across West Africa, anchored with existing assets in Nigeria.
EPI, sponsored by Elektron Energy Development Strategies Limited, comprises brownfield and greenfield power assets, will supply power to commercial and industrial customers and directly to broad-based consumers under the embedded energy framework for power delivery in Nigeria.
ARM-Harith’s is to provide late-stage project development advisory and structuring support to deliver a precedent setting bankability framework for power projects to be delivered under Nigeria’s decentralised embedded energy framework.
The investment was made via equity, shareholder loans, and loan notes, while the legal advisers for the transaction were Templars and Trinity International LLP.
Speaking on the investment, Chief Executive Officer of ARM-Harith Infrastructure Investments Ltd, Tariye Gbadegesin, said: “We are absolutely delighted to have completed the investment in EPI as we consider the role of privately delivered power as central to solving the energy constraints in the Nigerian power sector and potentially in Africa as a whole.”
“The EPI investment is a significant step towards achieving ARM-Harith’s
goal of investing in sustainable infrastructure projects that support economic growth and development in Nigeria and we are excited to be a part of this important investment.”
The Chief Executive Officer, Elektron, Tola Talabi, said: “The power projects we seek to develop under the EPI structure will exhibit significant socio-economic and green benefits. These projects should lead the transition towards more flexible and decarbonised energy solutions in Nigeria. For example, the ability to displace up to 30MW of diesel self-generation in Victoria Island, Lagos, replaced with natural gas generation translates to the eradication of well over five hundred diesel generators or the equivalent of nine million kilograms of CO2 equivalent per month. We see these types of generation projects as key to unlocking Nigeria’s development potential in many ways.”
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