The Central Bank of Nigeria (CBN), in a circular posted on its Website, says non-power companies that want to refinance existing loans have to apply two years earlier.
In the circular titled: “N300 Billion Power and Airline Intervention Fund Revised Guidelines”, the apex bank said that it would no longer grant any old request.
The CBN, however, said that such restriction was not applicable to captive power projects being implemented and managed by power companies.
It said that gas-to-power promoters must also tender verifiable evidence of “off-taker purchase agreements” for their projects to be eligible.
The apex bank said that the Asset Management Corporation of Nigeria (AMCON), by special approval of the CBN, could be allowed to participate in the revised guidelines.
It said that the approval would require AMCON to present a project of national economic importance.
“Eligible projects promoted by private or public sector sponsors or a combination of both must be structured either as profit-oriented business or a public service,” it said.
The apex bank said that all applications must have contracted cash-flows or financing support to ensure repayment of principal and interest.