Market Development
Darway Coast Mini-Grid Debt Financing
GreenMax closed a USD 6M debt facility with the Nigerian Infrastructure Debt Fund for a portfolio of mini-grids under construction.
Duration
Jan 2020 - Dec 2021
Service Areas
Transaction Advisory
Countries
Nigeria
Client(s)
- Darway Coast
GreenMax closed a USD 6M debt facility with the Nigerian Infrastructure Debt Fund for a portfolio of mini-grids under construction.
Darway Coast is a Nigerian mini-grid developer that is developing 120 remote mini-grids in Rivers, Anambra, Bayelsa, Akwa Ibom, Imo and Calabar States, as well as 40 interconnected mini-grids with Abuja, Enugu, Eko and PH Discos. In 2020, GreenMax was retained by Darway Coast to procure financing for a portfolio of mini-grids that received approval for performance-based grant funding from the Rural Electrification Agency. GreenMax has prepared the financial model for the mini-grid portfolio, negotiated the Term Sheet signed for a USD 6M debt facility with the Nigerian Infrastructure Debt Fund managed by Chapel Hill Denham and supported negotiations with several potential equity investors. The debt transaction closed successfully, and the portfolio is under construction.