Seven Energy International Limited, 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, today 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 million in aggregate principal amount of senior secured notes due in 2023 to be issued and privately placed by Seven Energy Finance Limited.

Uche Orji, Managing Director & CEO of the NSIA, said: “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.”

According to Phillip Iheanacho, CEO of Seven Energy, “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.”

Commenting on the deal, Abraham Nwankwo, Director-General of DMO, said: “We are pleased that through our innovative cooperation with the Nigeria Sovereign Investment Authority (NSIA), we are able to contribute to their joint work with Seven Energy. This investment underscores the DMO’s role in the development of Nigeria’s power sector.”

•Photo shows NSIA MD & CEO, Uche Orji.