ARM-Harith Infrastructure Fund (“ARMHIF”) is pleased to announce an investment of US$18.75M million into Elektron Power Infracom (EPI), a Mauritius-incorporated decentralized energy platform company 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 (“Elektron”), comprises brownfield and greenfield power assets, supplying 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 role in the project includes providing late-stage project development advisory and structuring support to deliver a precedent-setting bankability framework for power projects to be delivered under Nigeria’s decentralized embedded energy framework. ARM-Harith’s investment was made via equity, shareholder loans, and loan notes.
Legal advisers for the transaction were Templars and Trinity International LLP.
Tariye Gbadegesin, the CEO of ARM-Harith Infrastructure Investments Ltd, commented “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’sgoal 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 CEO of 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 de-carbonised 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 9 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.”
Deen Solebo, Principal and CFO of Elektron, added “We are thrilled to be working with ARMHIF on this momentous project. Working together we believe we can replicate this power development model locally and opportunistically across West Africa, hence accelerating the region’s socioeconomic development by providing energy infrastructure key to sustainable growth”.
About ARM-Harith Infrastructure Fund
ARM-Harith Infrastructure Fund is a leading infrastructure private equity fund that invests in sustainable infrastructure projects which support economic growth and development in Africa. The Fund is committed to investing in projects that have a positive impact on local communities and the economies in which it operates.
About Elektron
Founded in 2011, Elektron is primarily an energy infrastructure development company whose key principals and executives have over 100 years of combined relevant experience demonstrated in energy project development, engineering, financing, and operations. Elektron is currently focused on sustainably developing Nigeria’s domestic energy grid with a keen eye to expand across West Africa.
