Thread by @toluogunlesi

One interesting thing I learned today. A Canadian company called Reservoir Capital (listed on Canadian Securities Exchange) has over the last few years acquired minority stakes in 4 of Nigeria’s hydro power plants. For some reason I missed this completely, until today.

#Thread

Reservoir describes self as a “clean power investment vehicle concentrating on operational power projects located in emerging markets. The company’s investment policy is to take carefully selected minority economic interests in key geographies...”

Nigeria popped up on the radar.

So this morning the @nipcng news mentioned Reservoir and said they’d completed the acquisition of 100% of a company called OLOCORP Nigeria.

So I decided to do a little bit of one of my favorite things: Googling.

So here’s the gist in a nutshell:

Oct 2019, Reservoir completed acquisition (100%) of a company called Kainji Power Holding Limited (KPHL), which owns a ~2% stake in Mainstream Energy, which owns (concession) & operates Kainji & Jebba hydro power plants: globenewswire.com/news-release/2…

Dec 2019: Reservoir, using newly acquired KPHL, acquired 60% of a Co called OLOCORP Nigeria, which owns minority stake (1.5%) in North South Power, owners (concession) and operators of Shiroro hydro power & Gurara hydro (which it recently won the bid for) globenewswire.com/news-release/2…

And then last week, Reservoir announced it had concluded the upping of it 60% stake in OLOCORP (through KPHL) to 100% - which is what @nipcng reported in today’s newsletter. globenewswire.com/news-release/2…

Reservoir therefore now has minority stakes in the following 4 Nigerian hydro power plants: Kainji (760MW cap); Jebba (578.4MW), Shiroro (600MW) and Gurara (30MW).

I imagine this puts Nigeria and its clean power potentials on global map somewhat. What might it mean for Mambilla?

[Addendum: KPHL now owns a little above 4% of MESL; here’s how: In 2019 Reservoir acquired — I believe at same time it was upping its 60% stake in KPHL to 95% — an additional 10m shares of MESL (not sure from who); it’s holding these additional shares through KPHL].