Geometric Power Limited has secured a US$50 million Term Loan facility in connection with the Aba Integrated Power Project to provide reliable electricity in the Southeastern region of Nigeria.
TheNewsGuru.com (TNG) reports the facility provided by African Export-Import Bank (Afreximbank) will finance the initial capital required to acquire rights to the Aba Ring Fenced Area for the project.
It will also support the completion of remaining works, and the commissioning and commencement of operations of the Aba Integrated Power project in Southeastern Nigeria.
TNG reports the Aba Integrated Power Project is a fully integrated generation and distribution utility located in Osisioma, Aba, Abia State.
The utility comprises a gas-fired embedded power plant with General Electric Gas Turbines, with an initial capacity of 141MW, to be upgraded to its licensed 188MW capacity.
The power plant will be owned and operated by the generation arm of the utility, Geometric Power Aba Limited. The distribution arm will be operated by APL Electric Company Limited and has state of the art infrastructure to curb any loss, including overhead lines and substations.
Geometric Power Aba Limited also has a 27km dedicated gas pipeline and related facilities to provide reliable power at all times to its franchise area.
The project has exclusive rights to supply power within a 4000km2 area, covering 9 out of the State’s 17 Local Government Areas.
The deal was signed on 15 November 2021 in Durban during the second Intra-African Trade Fair (IATF 2021).
