Diamond Bank, Geometric Power, others  sign …

 …agreement to boost power stock

The Aba Integrated Power Project (Aba IPP),Nigeria’s first indigenous fully integrated green-field electricity project, has received a boost as it enters into a new Transaction Implementation Agreement with its sponsors and creditors.

Diamond Bank, Asset Management Corporation (AMCON) , Stanbic IBTC Plc and Afrigem, a west African focused development and Investment company with a 720mw pipeline of energy solutions project in the region are parties to the restructuring agreement.

These entities are expected to inject N15billion, making Geometric Power one of the most capitalised private sector driven power companies in the sub-region.

According to a press statement,  Afrigem Integrated Utilities Limited, by the new development has become a core investor in the integrated electricity power project.

The statement said, details of the investment agreement reveals that Aba IPP operating companies have recorded significant milestones for the restructuring of the existing debt stock of Geometric Power’s project companies, recapitalization and also, the restructuring of the company.

It statement which noted that  in its 3-year growth plan, the Sponsors and Afrigem expect to increase the plant capacity from 141MW to 341MW by 2018.