Firm Targets 200MW Expansion, establishes N50b Bond Issuance Programmme
Viathan Engineering Limited, a leading indigenous provider of integrated captive and embedded power solutions and a pioneer in the Nigerian power industry recently in London executed a technical partnership agreement with Caterpillar dealer Unatrac Ltd UK; a leading industry supplier of Caterpillar generators.
Having set a plan to achieve a generation capacity of 200MW over a five (5) year period from its current 50MW, Viathan Engineering Ltd thus found in Caterpillar/Unatrac a formidable partner to work with in the realisation of its ambitious growth plans.
Choosing a major manufacturer like Caterpillar is significant, says Viathan, CEO Ladi Sanni; “the engine technology, technical capabilities, after sales support and extended footprint in Europe and Africa which ensures short turnaround for gas engine delivery, makes Caterpillar/Unatrac a partner of choice for Viathan. This in turn enables the power company to meet customer demands much faster”.
Unatrac Managing Director, Steven Scott, was pleased to add his support; ‘With our broad footprint in Africa we are very pleased to be able to partner and support Viathan as it grows its power generating capacity to 200MW over the next five years. In choosing Caterpillar/Unatrac Viathan is guaranteeing quality of product and reliability of service.”
The agreement which encompasses the supply of gas engines for power generation was executed with competitive commercial terms comparable in the industry, with the scope covering Engineering design, Equipment Sales, Shipping, Installation, Testing and Commissioning.
In a related development, Viathan recently obtained the approval of the Securities and Exchange Commission (SEC) to establish a N50 billion Medium Term Note Programme, to finance the capital raising plans for its proposed capacity expansion program as well as to improve operational efficiency.
The first series of bonds to be issued under the Programme will be guaranteed by Infra Credit, a ‘AAA’ rated local currency guarantee facility established to support long term local currency financing for infrastructure in Nigeria.
The timing of these two events according to Ladi Sanni is no coincidence but further emphasises the focused execution of Viathan’s growth Plan.
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