Levene Energy Acquires 30% Stake in Axxela for Gas Infrastructure Expansion
Levene Energy has acquired a 30% stake in Axxela Limited, a local energy firm, signaling a strategic shift towards gas infrastructure. The $64 million acquisition was financed by Afreximbank as part of a broader $285 million debt and equity package.
Axxela operates a 360-kilometer gas pipeline with a throughput capacity of 211 million standard cubic feet per day, serving industrial and commercial customers in Nigeria. The deal reflects growing confidence in Nigeria's midstream gas sector and aims to leverage Axxela's operational cash flow for future investments in gas infrastructure.
The acquisition is seen as a significant move towards supporting cleaner energy sources and enhancing energy security in the region.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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