FMDQ Exchange lists power firm’s N50bn green bond
FMDQ Securities Exchange Limited has welcomed the listing of the NSP-SPV PowerCorp Plc N6.33 billion Fixed Rate Series 2 Senior Unsecured Green Bonds under its N50.00 billion Bond Issuance Programme to its platform, following the approval by its Board Listings and Markets Committee.
It said in a statement on Monday that the listing was in furtherance of its commitment to enhance access to capital to address environmental challenges, and championing development in the Nigerian debt capital market.
The exchange said the proceeds from the issuance would be used to fund the development of 15MW Pre-Phase 1 Solar Project and the transmission evacuation infrastructure for NSP PowerCorp’s solar project.
Globally, the green bond market has shown exponential growth as corporate entities and governments are raising funds from the debt capital markets to finance environmentally friendly projects to support the development of their countries.
The Executive Vice Chairman/Chief Executive Officer, North South Power Company Limited, Mr Olubunmi Peters, said, “This landmark transaction reinforces our belief and commitment in promoting clean energy generation in Nigeria. It also demonstrates growing investor confidence in our business, management team, and long-term strategy.
“We remain committed to unlocking opportunities within the power and infrastructure industry and promoting a sustainable energy solution for Nigeria.”
He thanked the lead issuing house, Stanbic IBTC Capital Limited, and the joint issuing houses on the transaction for their hard work and commitment in ensuring a successful outcome.
The CEO, Stanbic IBTC Capital Limited (the sponsor of the bond on the Exchange), Mr Funso Akere, said, “We are delighted to have advised on this landmark issuance which reflects the depth and diversity of the Nigerian DCM.
“The success of the transaction demonstrates investors’ confidence in North South Power, its sector, people, and strategic direction.”
The Chief Executive Officer, FMDQ Group, Mr Bola Onadele. Koko, said, “FMDQ is proud to have supported the NSP-SPV PowerCorp Plc Series 2 Green Bond through the Nigerian Green Bond Market Development Programme.
“As the local partner to the programme, FMDQ provided support by selecting consultants for the verification and credit rating assessment of the green bond, which was executed within a remarkable timeline of estimated two weeks.”
According to him, the transaction further proves that the programme’s efforts toward developing a vibrant green bond market are gaining traction as more corporates and subnationals are beginning to explore green debt financing opportunities to raise capital towards pipelines of eligible projects.
