By Abiola Olawale
Proton Energy Limited, a leading Nigerian energy company, has signed a Project Preparatory Fund Agreement with the African Export-Import Bank (Afreximbank).
The deal was signed by the founder and Chief Executive Officer (CEO) of Proton Energy Ltd, Mr Oti Ikomi, and the Executive Vice President of the Intra-African Trade Bank, Afreximbank, Kanayo Awani.
The agreement is aimed at the development of Proton Energy’s 500 MW Proton Delta Sunrise project.
The New Diplomat reports that this partnership was announced on the sidelines of the ongoing Afreximbank’s 2025 Annual Meetings in Abuja.
It was gathered that the agreement is expected to provide Proton Energy with access to critical funding to prepare and develop high-impact energy projects, aligning with Afreximbank’s mission to bolster Africa’s economic resilience and integration.
The Project Preparatory Fund is expected to support feasibility studies, project design, and other pre-development activities.
According to the terms and conditions of the agreement, the 500 MW Proton Delta Sunrise project would be built in two phases with the first phase delivering 150 MW of electricity to the national grid, whilst the second phase will add a further 350 MW and expand the plant’s capacity to 500 MW.
It is expected that the first phase will reach commercial operations in 2027, delivering much-needed, reliable incremental megawatts to the national grid.
The New Diplomat reports that Proton Energy Ltd is a leading Nigerian-based Independent Power Plant (IPP) developer with a focus on developing and operating power plants across Nigeria and subsequently in Sub-Saharan Africa.
Proton Energy is sponsoring the development of three new gas-powered power plants in support of the development of the Nigerian power sector and to assist in meeting the growing energy needs of the citizens of Nigeria. The target installed new power generation in the next five years is an installed capacity of 1,500 MW.
