NSP-SPV Plc Up to N10Billion 15-Year Series 1 Guaranteed Fixed Rate Senior Green Infrastructure Bond


Tuesday, February 05, 2019 12:15 PM / Stanbic IBTC Stockbrokers


This is to inform you that the book build for NSP-SPV PowerCorp PLC (“NSP-SPV” or “the Issuer”)’s Series 1 up to N10 billion Guaranteed Fixed Rate Senior Green Infrastructure Bonds under its  N50 billion Debt Issuance Programme opens today, Tuesday, 5th February 2019 and is expected to close on Monday, 11th February 2019. 

NSP is an Africa focused electricity generation company with a diverse and emerging portfolio focused on the electricity value chain. Its business model is designed to encompass a broad range of technologies and power types including hydropower, wind, biomass and solar with a focus on Sub-Saharan Africa. 

NSP currently generates, on the average, 8% of Nigeria’s power providing power to about 7 million people and aims to be the leading power company in Sub-Saharan Africa by safely providing affordable, reliable, and sustainable power to its customer base. The medium term objective of the Company is to contribute more than 10% of Nigeria’s power generation output by 2020. 

In a bid to achieve both the medium and long term strategic objectives, the Company intends to use the proceeds from its Series 1 Guaranteed Fixed Rate Senior Green Infrastructure Bonds to refinance existing debt obligations as well as conduct a scheduled overhaul of turbine 4/system controls for its Shiroro Hydroelectric Power Plant.  


Kindly click this LINK to access the following documents and below highlights of the proposed offering:

  • Series 1 Pricing Supplement
  • Shelf Prospectus
  • Issuer Rating Reports
  • Issue Rating Reports
  • Investors Presentation
  • PenCom Compliance certificate 




North South Power Company Limited


Infrastructure Credit Guarantee Company Limited(Infracredit)

Programme Size:


Classification of Bond

Green Bond Certified

Description of the Bond:

Guaranteed Senior Green Infrastructure Bonds



Issue Price

At par N1,000 for each unit of the Bond

Issue Size:

Up to N10billion



Maturity Date


FGN Benchmark:

FGN 2034 – 14.90% as at 4th February, 2019

Indicative Spread to Benchmark


Coupon Basis:

Fixed, semi-annual



Co-Obligor Rating:

A- (Agusto), A- (GCR)

Issue Rating:

AAA (Agusto), AAA(GCR)

Method of Distribution

Book building

Use of Proceeds

To refinance existing debt obligations as well as conduct a scheduled overhaul of turbine 4/system controls for its Shiroro Hydroelectric Power Plant

Offer Open Date:

5th February 2019

Offer Close Date:

11th February 2019

Funding Date:

20th February 2019

Lead Issuing House/Book Runner

United Capital Plc

Joint Issuing Houses/Book Runners

Stanbic IBTC Capital Limited, Vetiva Capital Management Limited and Zenith Capital Limited

Minimum Subscription:


Additional multiples:




Download Here – Commitment Form

Proshare Nigeria Pvt. Ltd.

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 Proshare Nigeria Pvt. Ltd.

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