Quick-reference definitions of acronyms, technical terms and key concepts used in NBC, DD and Credit Committee submissions.
New Business Committee — the governance body that reviews project submissions before due diligence.
Credit Committee — approves or declines the final guarantee/credit facility request.
Condition Precedent — a contractual requirement that must be satisfied before financial close.
Due Diligence — systematic verification of project claims by independent technical, legal, financial and ESG advisers.
Project Management Team — the internal InfraCredit team responsible for managing project lifecycle from origination to close.
Distributed Renewable Energy Enhancement Facility — provides TA, capacity building to bankability-stage DRE developers.
Distributed Renewable Energy Lending Toolkit — the comprehensive framework for standardising DRE credit assessment.
Foreign, Commonwealth & Development Office (UK) — a key funder of the DRE blended finance ecosystem in Nigeria.
Distributed Access to Renewable Energy Scale-up programme — World Bank-funded subsidy programme for DRE projects in Nigeria.
Risk Sharing Backstop Facility — a risk-sharing instrument used to de-risk lending to DRE projects.
Operations & Maintenance — the ongoing management of installed DRE systems including billing, metering and technical support.
Power Purchase Agreement — a binding long-term contract between a power provider and an offtaker for electricity supply.
Ultimate Beneficial Owner — the natural person who ultimately owns or controls an entity, required for AML/KYC compliance.
Politically Exposed Person — an individual with a prominent public function, requiring enhanced due diligence.
Productive Use of Energy — income-generating energy applications such as agro-processing, milling, irrigation and cold storage.
Management Risk & Operations Committee — a governance committee that reviews project progress and risk positions.
Engineering, Procurement and Construction — the contractor responsible for designing and building the DRE system.
Original Equipment Manufacturer — supplier of key system components such as panels, batteries and inverters.
Debt Service Coverage Ratio — the ratio of project cash flow available to service debt; a key bankability metric.
Debt Service Reserve Account — a reserve fund covering a set number of months of debt service, required as a CP.
Nigerian Electricity Regulatory Commission — the national regulatory body for electricity in Nigeria.
Nigerian Electricity Management Services Agency — issues metering and safety standards compliance certificates.
Standard Organisation of Nigeria Conformity Assessment Programme — product conformity certification.
Council for the Regulation of Engineering in Nigeria — professional body that certifies engineering designs.
Corporate Affairs Commission — Nigeria's corporate registry; source for entity verification and UBO reconciliation.
IFC Performance Standards — international ESG standards required for development finance-backed projects.
Special Purpose Vehicle — a ring-fenced legal entity created specifically for a project, to which contracts are novated.
Commercial Operations Date — the date on which a DRE project begins generating revenue.
Internal Rate of Return — the annualised return on investment; used to assess project financial attractiveness.
Commercial & Industrial — a category of DRE offtakers comprising factories, warehouses and industrial clusters.
Willingness-to-Pay — demonstrated ability and readiness of end-users to pay the proposed tariff.
Pay-As-You-Go — a metered prepayment revenue model common in rural DRE access markets.
British International Investment — UK development finance institution and investor in DRE projects.