PFI has named Nigeria LNG Ltd "African LNG Deal of the Year" in its 2020 Awards
Natixis has been awarded by the PFI African LNG Deal of the year for its participation to the USD 3 billion 9-year financing of the expansion of Nigerian LNG Ltd.
This complex and unique deal is structured as a hybrid financing mixing corporate and non-recourse structured financing features, and will partially finance the construction of a 7th train to the LNG plant, to increase its capacity by 35%.
NLNG, which has been operating since 1999, is owned by Nigerian national oil company NNPC and oil majors Shell, Total and ENI. It is a key infrastructure for the domestic energy sector providing stable revenues to the federal budget and a value-additive outlet for the associated gas produced along with oil (which was otherwise flared).
EPC contractors are Saipem, Chiyoda and Daewoo, attracting the Italian and Korean ECAs that cover half the financing. The remaining USD 1.5bn provided by uncovered commercial bank debt (international and Nigerian banks) and Development Financing Institutions. There are 29 lenders in total.
Natixis has been allocated the second-largest ticket among the commercial institutions (USD 235m, 75/160 in uncovered/ECA tranches respectively).
The transaction was signed in May 2020 and has just been closed last month.
This award is a testimony of Natixis’ commitment and ability to be at the forefront of such landmark deals, which combine economical and sustainable development.