Rating Release

Agusto & Co. hereby affirms the “A-” rating assigned to Geregu Power Plc’s (“Geregu Power”, “Geregu”, “the Issuer”, or “the Company”) ₦40.085 Billion 7-Year 14.5% Senior Unsecured Fixed Rate Bond Due 2029 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦100 Billion Multi Issuance Programme

The rating expires on 28 July 2026. 

Agusto & Co. hereby affirms the “A-” rating assigned to Geregu Power Plc’s (“Geregu Power”, “Geregu”, “the Issuer”, or “the Company”) ₦40.085 Billion 7-Year 14.5% Senior Unsecured Fixed Rate Bond Due 2029 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦100 Billion Multi Issuance Programme. The rating mirrors the standalone rating assigned to Geregu Power Plc, given that its operating cash flows have been irrevocably and unconditionally pledged as the primary source of repaying the Series 1 Bond obligations. Geregu Power Plc is an indigenous power generation company with an installed capacity of 435 megawatts (MW), comprising three Siemens STG5-2000E simple-cycle gas turbines (GT11, GT12, and GT13) of 145MW each. The Company sells all its output to the Nigerian Bulk Electricity Trading Plc (NBET) under a long-term Power Purchase Agreement (PPA). In the short to medium term, Geregu plans to diversify its customer base through bilateral energy supply agreements with state governments, industrial clusters and private off-takers, while also exploring renewable energy opportunities in solar and wind as part of its long-term sustainability strategy. Since 2023, the Company has undertaken major turbine overhauls, completing GT12 in August 2024 and GT13 in March 2025, with GT11 scheduled for upgrade in Q1’2026.