TLG Capital invests in Nigerian recycling plant
TLG Capital and Wema Bank have joined forces to invest $10 million in an aluminium recycling plant in Nigeria.
TLG Capital and Wema Bank have joined forces to invest $10 million in the largest sustainable aluminium recycling plant in Nigeria.
This climate finance deal will recycle metal equivalent to three Eiffel Towers in the next five years and achieve 95% lower CO2 emissions compared to primary sourced aluminium.
Beyond this individual deal, TLG Capital is pioneering a new private credit asset class by partnering with local African banks. “By leveraging local expertise and enhancing local balance sheets, it offers more flexible financing options for the banks borrowers. Our goal is to create positive outcomes for banks, borrowers, and TLG, driving sustainable growth and development across Africa,” commented Zain Latif, principal of TLG Capital.
Wema Bank said in a statement: “What Wema Bank Plc. and TLG Capital have accomplished sets a new benchmark in African banking. Wema Bank Plc. has built a reputation for providing tailored financial solutions for our customers, providing optimum returns for all our stakeholders and driving impact across key areas which include sustainability. With this collaboration, TLG Capital has become our surgical partner to assist with such intricate transactions that may be difficult for any Nigerian bank to do alone. This is exactly what we have been looking for to secure more flexible financial solutions directly to our customers. We remain committed to empowering the lives of our people and boosting economic growth, and we hope that more funds can approach the Nigerian market with the creativity that TLG Capital has demonstrated. The borrower is one of our strongest customers and we are delighted to watch them embark on this next stage of their growth as we continue to empower their journey, all the way. We look forward to doing much more together with TLG Capital.”
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