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Temasek, IFC back Nigerian gas developer Seven Energy with $255m

16 Apr 2014

TSingapore sovereign wealth investor Temasek and the IFC have committed $255m to Nigeria-based Seven Energy International to boost its gas supply business in the country’s developing energy market.

Temasek has committed $150m and IFC $75m, while the IFC African, Latin American and Caribbean Fund committed another $30m.

The institutions have invested in Seven’s irredeemable convertible loan notes, which bear no coupon and are equivalent to equity capital.

Seven’s gas processing, distribution and marketing subsidiary Accugas and its recent acquisition East Horizon pipeline have invested about $1bn in south east Nigeria to date.

The company said the relative lack of investment in gas development for the domestic economy has resulted in most Nigerian industry and power generation relying heavily on imported diesel and fuel oil, which are significantly more expensive than locally-sourced natural gas.

Seven Energy CEO Phillip Ihenacho, said, “Seven Energy has developed a strong and strategically important position in the rapidly developing gas market in Nigeria.

“I am very pleased that the group has gained the support of Temasek, IFC and the IFC ALAC Fund, all highly-respected global investors.”

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