Nigeria Sovereign Investment Authority & Seven Energy announce signing $100,000,000 Investment Commitment
Seven Energy International Limited (“Seven Energy”), the indigenous integrated oil and gas development, production and gas distribution company with interests in Nigeria, and the Nigeria Sovereign Investment Authority (“NSIA”), Nigeria’s sovereign wealth fund, announced that NSIA through its Gas to Power funds managed on behalf of Nigeria’s Debt Management Office (“DMO”) has signed a commitment letter, subject to certain conditions, for an investment of at least $100,000,000 in aggregate principal amount of senior secured notes due in 2021 to be issued and privately placed by Seven Energy Finance Limited.
Uche Orji, Managing Director & CEO of the NSIA commented, “Through this investment, and future projects, NSIA is contributing to the transformation of the gas and power sectors. We expect that this investment will support the development of Calabar NIPP, Ibom Power, and other power stations. This is a further example of Nigeria’s successful public-private investment in infrastructure.”
Abraham Nwankwo, Director General of the DMO commented, “We are pleased to partner with Seven Energy and support its development as one of Nigeria’s gas champions. This investment underscores DMO’s role in the development of Nigeria’s power sector.”
Phillip Ihenacho, CEO of Seven Energy, commented, “This investment is a vote of confidence in Seven Energy’s vision to be a leading supplier of gas in Nigeria. I am very pleased that we have gained the support of NSIA.”
Source: Seven Energy International Limited