Hotspot Network's solar-power telecom base stations

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This project involves the development of 120 solar-power telecom base stations across 22 states in Nigeria. The project company is Micropolitan Mobile Connectivity Limited, established by the sponsor of the project- Hotspot Network. The project is implemented on a build, own, and operate (BOO) base. The sponsor Hotspot Network issued $1.23m (NGN 955 million) 7-Year Series 1 Fixed Rate Guaranteed Senior Green Infrastructure Bonds, Due in 2030 (“the Hotspot Series 1 Bond”) under a NGN50 billion Debt Issuance Program. The Foreign, Commonwealth & Development Office (FCDO) UK Climate Finance Blended Facility matched the amount with first-loss concessionary loan. InfraCredit provided a guarantee for the Bonds, which were invested in by domestic institutional investors, such as Leadway Assurance, Linkage Assurance, Meristem, AIICO Insurance, Tangerile Life, Quantum Zenith, Fund Co capital managers and FSL asset management. Additionally, the project got $2.46m (NGN1.91) Billion Green Debt Issue for Solar Rural Telephony with issue date June, 2023 and tenor of 7 years, provided by the FCDO UK-funded Climate Finance Blending Facility. The total debt is $4.92m. Financial close is achieved on August 1, 2023. https://infracredit.ng/climate-facility/wp-content/uploads/2023/08/Climate-Finance-Blending-Facility_HOTSPOT-27-08-23.pdf ; https://infracredit.ng/infracredits-uk-funded-climate-finance-blending-facility-mobilises-local-currency-debt-issue-for-solar-powered-rural-telephony-project-in-nigeria/