Excerpt from Augusto & Co. Ratings Report:
Augusto & Co. has reviewed the rating assigned to North South Power Company Limited (“North South Power“, “NSP” or “the Company“) the concessionaire on the Shiroro Hydroelectric power plant in Niger State to ‘A-‘. The rating assigned is hinged on the Company’s strong cash flow, satisfactory profitability, satisfactory working capital, improved leverage metrics, good market position and stable & experienced management team. The rating also takes into cognisance the continued support provided by the Federal Government through the intervention funds injected in the power sector in a bid to improve liquidity and lower dept levels. The rating is supported by the eligible customer policy which allows NSP supply electricity directly to customers at more competitive tariffs, which will further improve profitability, minimise receivables, thus strengthening cash flow.

Excerpt from GCR Ratings Report:
North South Power has established itself as a major private electricity supplier in Nigeria. Total generating capacity is 60 Megawatt (“MW”), whilst as number of projects in the pipeline could see generating capacity more than double over the medium term. North South Power is also diversifying its energy sources, leveraging strong technical backing off its diverse shareholder base and an experience management team.