The African Export-Import Bank (Afreximbank), has given approval to one of its sub-units – the Fund for Export Development in Africa (FEDA), to acquire a minority stake in Geregu Power Plc.
The 435-megawatt thermal power plant is located in Ajaokuta, Kogi State, and is listed on the Nigerian Exchange.
In a statement issued by the bank; the acquisition is part of its intervention efforts in Africa’s energy sector.
The bank says FEDA has made a strategic decision to support leading energy platforms across Africa, such as Geregu Power which it described as a highly strategic asset to realizing Nigeria’s power sector roadmap.
It said FEDA aims to support the business as a minority investor and work with the current owners and management team to drive the expansion of the business over the next few years.