Synergy Capital a private equity fund organization (SPEF) has invested in Viathan Engineering, a developer of captive and embedded power solutions and produces/distributes modular and scalable power solutions to meet demand from currently underserved public/government, commercial and residential off-takers, initially in the Lagos metropolis, and subsequently across Nigeria.
The investment by SPEF has enabled Viathan re-structure its balance sheet and provide capital to scale up its generation and distribution capabilities in the embedded and captive power space. It will further helps Viathan execute its vision to become the leading provider of embedded/captive power services in Nigeria with a target capacity of 200MW over the next five years.
Viathan started with its take off portfolio PIPP LVI Genco, a 19.5MW capacity gas fired power plant located in Lekki Phase 1, and has through this fund invested in the lsland Power Plant (IPP) a 10MW Power Plant, which is the 1st integrated and fully independent power generation, distribution and public lighting solution in Nigeria.
Also the Akute Power Plant which operates a 12.15MW Power Plant for Lagos Water Corporation via a 13km natural gas pipeline which delivers natural gas to the facility. Worthy of mention is the fact that this plant has helped the Lagos Water Corporation to achieve a 300% increase in its existing capacity utilization, through the delivery of 24 hours uninterrupted electricity supply to its two main water treatment plants at Iju and Adiyan in Lagos State which both account for approximately 72% of the total capacity of Lagos State Water Corporation.
While its newest investment the Ilupeju Power Plant, has a capacity of 3.88MW and on completion will provide uninterrupted power supply to the massive Ilupeju commercial zone and environs.