Client:

Darway Coast

Country:

Nigeria

Year:

2020 – 2021

Description:

Darway Coast is a Nigerian mini-grid developer that is developing 120 remote mini-grids in Rivers, Anambra, Bayelsa, Akwa Ibom, Imo and Calabar States, as well as 40 interconnected mini-grids with Abuja, Enugu, Eko and PH Discos.

In 2020, GreenMax was retained by Darway Coast to procure financing for a portfolio of mini-grids that received approval for performance-based grant funding from the Rural Electrification Agency. GreenMax has prepared the financial model for the mini-grid portfolio, negotiated the Term Sheet signed for a USD 6M debt facility with the Nigerian Infrastructure Debt Fund managed by Chapel Hill Denham and supported negotiations with several potential equity investors. The debt transaction closed successfully, and the portfolio is under construction.