Green Bond Fact Sheet

North South Power Company

Date: 9 April 2019

Issue date: 28-02-2019 Maturity date: 28-02-2034 Tenor: 15Issuer Name

North South Power
Company

Amount Issued

NGN8.5bn/USD24m

Country of risk

Nigeria

CBI Database

Included

Issuer Type1

Non-financial
corporate

Bond Type

N/A

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☒ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

North South Power Company is a Nigerian electricity generation company with a diverse
and emerging portfolio focused on the electricity value chain. Its business model isdesigned to encompass a broad range of technologies and power types includinghydropower, wind, biomass and solar with a focus on Sub-Saharan Africa.

Firsts, records andcertificationsFirst corporate green bond from Nigeria, and the first to be approved by the Nigerian
Securities and Exchange Commission (NSEC) – the press release states it’s the first Certified
green corporate bond from Nigeria but they are referring to the NSEC’s approval, notCertification under the Climate Bonds Standard

Proceeds description

Proceeds will be used to refinance past eligible green projects (for the period 2013 to 2018)as well as future eligible green projects (for the period 2019 to 2053). These proceeds areintended to cover investments made by NSP towards renewable energy, more specifically,hydropower generation and thereafter solar power generation.

Climate Bonds view

NSP becomes the second Nigerian green bond issuer, and the first corporate one. We arepleased that Nigerian issuance continues to grow on the back of the country’s sovereignissuance in 2017, with two corporates issuing within weeks of each other, and hope that
this helps drive further issuance from Africa

Underwriters
Deal comments
Credit Rating
Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign