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Monday, March 20, 2023

Mauritius Commercial Bank (MCB) Ltd Aims to Help Africa Transition Towards Low-Carbon

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Mauritius Commercial Bank (MCB), as co-Mandated Lead Arranger, assisted in structuring and raising USD260MM in debt to fund the completion of the ANOH Gas Processing Plant.

Despite significant untapped reserves, domestic utilisation of gas remains low due to lack of infrastructure. Gas development and infrastructure projects will address this imbalance and result in significantly higher rates of gas utilisation for domestic use.

Assa North-Ohaji South (“ANOH”) is a conventional gas development located onshore Nigeria which will supply AGPC with the feedstock gas and is operated by the Shell Petroleum Development Company of Nigeria.

The gas infrastructure development project is one of seven critical gas development projects earmarked by the Nigerian National Petroleum Corporation (“NNPC”) and the Ministry of Petroleum to bridge the demand-supply gap in the Nigerian domestic gas market.

The 300MMscfd capacity ANOH plant, located in OML53 in Imo State, is being built by ANOH Gas Processing Company Ltd (“AGPC”) which is equally owned by the Nigerian Gas Company Limited (“NGCL”) and Seplat Energy Plc. Seplat is already a leading provider of natural gas to Nigeria’s power sector, supplying up to 30% of Nigeria’s domestic grid in 2021.

Mauritius Commercial Bank (MCB) Ltd (https://www.MCB.mu), the banking arm of MCB Group, is ambitious to become a more prominent player in the African energy landscape, by financing and supporting electrification projects that encourage the use of renewable energy.

In this respect, MCB has recently participated in three landmark projects in Ghana, Rwanda and Nigeria.

These projects are crucial milestones in the electrification goals of these respective countries and in their transition from fossil energy to more renewable, low-carbon energy sources.

Prior to joining those three projects, MCB applied the Equator Principles to proactively identify and mitigate environmental and social risks.

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