International Finance Corporation (IFC), a member of The World Bank Group has invested in the inaugural bond issuances by Seven Energy International limited.

Seven Energy International is one of the top oil and gas companies responsible for developing and commercialising grounded gas needed for expanding Nigeria’s power generation. The company’s bond issuances raised a total of $400 million, out of which the IFC has subscribed to $50 million.

This endorsement complements Seven Energy’s ambitious plans to bring clean, continual, and cheap power to Nigerians using natural gas as. Nigeria being the world’s eighth largest exporter of crude oil makes this project relatively attainable.

“Seven Energy welcomes and values the continued support of IFC in the development of its business in Nigeria. Seven Energy’s objective is to be Nigeria’s dominant integrated gas developer and supplier, with a reputation for reliability and operating to the highest international standards,” said Phillip Ihenacho, CEO, Seven Energy.

A part of the proceeds from the company’s bond issuances will go towards the setting up of the Oron-Calabar pipeline to improve the production of gas for power projects in Calabar, Southeastern Nigeria and subsequently other parts of the country.

To date, Seven Energy has raised equity capital of more than $750 million and reinvested over $1.2 billion of capital in Nigeria. On the financial front, revenue increased by 18 percent in 2012, with net cash flow more than doubling from 2011. This year also looks bright for the company, which may well acquire East Horizon Gas Company Limited (EHGC) or a consideration of up to $250 million.