Sefton Fross advised New Hampshire Capital Limited, a Meter Asset Provider, on its Partnership with the Ikeja Electricity Distribution Company as a Meter Asset Provider (MAP), in line with the policy of the Federal Government and the Nigerian Electricity Regulatory Commission (NERC) to bridge the metering gap in the country.
The policy evolved from the need to provide lasting solution to the problem of estimated billing. According to the Ikeja Electricity Distribution Company, the scheme aims at ensuring that all customers under its network are metered to bring to an end to the issue of estimated billing, and said that with the collaboration of the New Hampshire Capital, all customers under the Ikeja Distribution Company will be metered. Upon the closure of the agreement and the announcement by the Ikeja electricity distribution Company, New Hampshire Capital Limited will be responsible for installation of prepaid meters for over 216,000 residences from Ikorodu, Epe and other environs in Lagos state.
Speaking at the announcement of the partnership, Mr Ugochukwu Obi-Obichukwu, the acting Chief Commercial Officer of the Ikeja Electricity Distribution Company said the purpose of the launch is to provide lasting solution to the problem of estimated billing. The Sefton Fross Team is pleased to have played an advisory role on the transaction to New Hampshire Capital Limited included advising on the Transaction structure, assisting with the preparation of the bid documents, as well as reviewing and negotiating the Transaction documents.