TIDMSAVE
RNS Number : 9791I
Savannah Energy Plc
22 April 2022
22 April 2022
Savannah Energy PLC
("Savannah" or the "Company")
First Independent Power Limited Gas Sales Agreement Extended to
Supply
Trans Amadi, Eleme and Afam Power Plants with a total generation
capacity of 391 MW
Savannah Energy PLC, the British independent energy company
focused around the delivery of Projects that Matter in Africa , is
pleased to announce that Accugas Limited ("Accugas"), the Company's
80% indirectly owned subsidiary, has signed an addendum to its
existing interruptible gas sales agreement ("IGSA") with First
Independent Power Limited ("FIPL"), originally signed on 28 January
2020.
Accugas currently supplies up to 35 MMscfpd of gas to FIPL's
Afam power plant. Under the terms of the addendum, FIPL will be
able to increase the quantity of gas purchased from Accugas to up
to 65 MMscfpd so as to also supply the Trans Amadi and Eleme power
plants, in addition to its Afam power plant. FIPL's power plants
have a total generation capacity of 391 MW, with the Trans Amadi
and Eleme plants having generation capacities of 136MW and 75 MW,
respectively. All three plants are located in Rivers State.
FIPL is an affiliate company of the Sahara Group, a leading
international energy and infrastructure conglomerate with
operations in over 42 countries across Africa, the Middle East,
Europe and Asia.
Andrew Knott, CEO of Savannah Energy, said :
"Accugas has recorded growth in Total Revenues [1] from gas
sales for each of the last five years, with a realised CAGR of 15%.
New contracts, such as this morning's announcement provide the
basis for us to continue this growth into the future and we look
forward to continue working with the Sahara Group on this and
potentially other projects in the future."
Kola Adesina, Group Managing Director, Sahara Power Group, said
:
" At Sahara, we believe that with Savannah we have a partnership
that works, and we are delighted to see that our beliefs are
becoming a reality. Through this Addendum, we aim to secure the
reliable supply of gas to FIPL power plants, thereby improving the
health of the Nigerian Electricity Supply Industry and as always,
bringing energy to life for the everyday person whose interest we
serve intentionally. "
For further information, please refer to the Company's website
www.savannah-energy.com or contact:
Savannah Energy +44 (0) 20 3817 9844
Andrew Knott, CEO
Nick Beattie, Interim CFO
Sally Marshak, Head of IR & Communications
Strand Hanson (Nominated Adviser) +44 (0) 20 7409 3494
James Spinney
Ritchie Balmer
Rob Patrick
finnCap Ltd (Joint Broker)
Christopher Raggett
Tim Redfern +44 (0) 20 7220 0500
Panmure Gordon (UK) Ltd (Joint Broker)
John Prior
Hugo Rich
James Sinclair-Ford +44 (0) 20 7886 2500
Camarco +44 (0) 20 3757 4983
Billy Clegg
Owen Roberts
Violet Wilson
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation (EU) No. 596/2014, which
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018 (as amended), and is disclosed in
accordance with the Company's obligations under Article 17 of those
Regulations.
About Savannah Energy
Savannah Energy PLC is an AIM quoted British independent energy
company focused around the delivery of Projects that Matter in
Africa and is active in Cameroon, Chad, Niger and Nigeria.
South East Nigeria Infrastructure Map
http://www.rns-pdf.londonstockexchange.com/rns/9791I_1-2022-4-21.pdf
Further information on Savannah Energy PLC can be found on the
Company's website: www.savannah-energy.com .
About the Sahara Group and First Independent Power Limited
Sahara Group is a leading international energy and
infrastructure conglomerate with operations in over 42 countries
across Africa, Middle East, Europe and Asia. The Group's affiliate,
Sahara Power Group ("SPG"), is the largest privately owned
vertically integrated power company in Sub-Saharan Africa, with
plans to expand its generation capacity to exceed 5,000MW by 2023.
The Sahara Group's portfolio includes Egbin Power Plc (the largest
privately owned thermal power plant in Sub Saharan Africa excluding
South Africa) and the Afam, Eleme, Omoku and Trans Amadi power
plants. The Sahara Group successfully acquired majority
shareholding stakes in two of the Power Holding Company of Nigeria
("PHCN") assets under the privatisation initiative of the Nigerian
Government, namely Egbin Power Plc and Ikeja Electric Plc (one of
the largest power distribution companies in Sub-Saharan Africa). In
addition, the Sahara Group through its affiliate, NG Power HPS Ltd,
acquired a 70% stake in First Independent Power Limited ("FIPL").
FIPL owns and operates four power plants privatised by Rivers State
in 2014, including the Afam, Eleme and Trans Amadi gas-fired power
stations.
[1] Total Revenues are defined as the total amount of invoiced
sales during the period. This number is seen by management as more
accurately reflecting the underlying cash generation capacity of
the business as opposed to Revenue recognised in the Consolidated
Statement of Comprehensive Income. A detailed explanation of the
impact of IFRS 15 revenue recognition rules on our Consolidated
Statement of Comprehensive Income is provided in the Financial
Review section on page 56 of our 2020 Annual Report.
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END
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April 22, 2022 02:41 ET (06:41 GMT)
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