ERM assisted North South Power (NSP) through technical assistance from the African Local Currency Bond Fund (ALCB), with developing a Green Bond Framework, focusing on its hydropower assets. NSP has now issued Nigeria’s first corporate Green Bond valued at $23.6 million and oversubscribed by 60%. A green bond is a financing option for investing in climate and environmental projects. The Series 1 Green Bond is the first certified green corporate bond and the longest tenured (15 year) corporate bond issued in the Nigeria debt capital markets.

Proceeds from the Green Bond are expected to fund the overhaul of a 150-megawatt hydropower turbine as well as finance the replacement of the NSP’s current short-term foreign and local bank facilities with long-term local currency debt.