Hunton & Williams Advises Nigeria in $237M World Bank Energy Financing
September, 2015 - Richmond, Virginia
NEW YORK — Hunton & Williams LLP advised the Nigerian Ministry of Finance and Nigerian Bulk Electricity Trading PLC (known as NBET) in the signing of World Bank Partial Risk Guarantees in connection with the project financing of Azura-Edo, a 450MW independent power plant located near Benin City, the capital of Edo State in southern Nigeria. According to the NBET, which purchases electricity from the generating companies and sells to distribution companies, the Azura project is the first of a series of new independent power plants that will drive growth in power sector, several of which will also benefit from The World Bank’s Partial Risk Guarantees program (or PRGs).
Energy partner Ryan Ketchum, said, “It was gratifying to help NBET with the development of Azura-Edo, which is expected to grow into a 1,500MW power plant facility. It’s a vital beginning and the first step toward helping to deliver electricity to millions of people in Africa.”
Hunton & Williams advises the Federal Government of Nigeria through Nigerian Bulk Electricity Trading PLC in connection with the privatization of Nigeria’s electricity sector, including the establishment and operation of a single buyer for electricity that will contract with independent power producers in Nigeria to purchase electricity and distribution companies to supply their energy requirements.
