iSwiss Bank supports Nigeria’s clean energy future by investing 647 million secured funds in a massive solar power plant

LONDON, UK / ACCESSWIRE / September 20, 2024 / iSwiss Bank, a leading European player in the securitization sector, is proud to announce the financing of an ambitious large-scale solar park project in southwestern Nigeria. With an expected capacity of 570 megawatts (MW) and an area of 164 hectares, the facility is set to become one of the largest renewable energy projects in both Nigeria and West Africa.

Christopher Aleo, CEO of iSwiss Bank, highlighted the strategic importance of the project for both Nigeria and the African continent. “Nigeria has enormous growth potential. We are honored to be part of this growth process and are ready to work with Nigeria to strengthen the region’s banking infrastructure,” Aleo said.

The total financing for the project will amount to EUR 647 million, fully secured through a securitization process conducted on the London Stock Exchange. Part of the bond will be directly covered by the guarantee of iSwiss Bank, which shows the group’s commitment to supporting the economic growth and sustainable development of Nigeria.

In addition to energy production, the iSwiss initiative also includes plans to develop new banking infrastructure to support local economic growth. Aleo added: “It’s not just about energy production, but about increasing the country’s financial and infrastructure capacity.”

iSwiss Bank’s strategy extends beyond Nigeria. The Group has already initiated systemic partnerships with several African countries, with the aim of replicating its securitization-based financing model across the continent. The aim is to reduce dependence on fossil fuels and accelerate the transition to renewable energy throughout Africa. Through this partnership, iSwiss is committed to promoting sustainable development in the region, with plans to develop additional solar projects in countries such as Kenya, Ivory Coast and Rwanda.

Once approved, construction of the solar park could begin in the coming years, significantly improving the region’s energy supply and reducing greenhouse gas emissions.

Swiss Bank continues to show how financial innovation can drive sustainable energy development, helping Africa transition to a greener future.

iSwiss Bank with a representative office in London, UK, is an innovative solution enabling the execution of transactions worldwide and one of the new, leading players in the European securitization market.

Media contact
Organization: iSwiss Bank
Contact name: Monica Martini
Website: https://iswiss.ch/
E-mail address: [email protected]
City: London
Country: United Kingdom

SOURCE: Swiss Bank

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