Execution
36-Month Implementation Plan
The plan from term sheet to commercial operation, organized into four phases over 36 months.
Months 1 to 6
Setup & co-investor selection
- Nigerian co-investor selection and term sheet
- Lagos country head recruitment (first hire)
- LASERC pre-application engagement
- NIPC and CBN regulatory filings
Months 6 to 14
Financial close
- DFI senior debt term sheets (FinDev, EDC, IFC)
- Naira commercial debt term sheets
- First two anchor PPAs signed (1 Tier-1, 1 Tier-2)
- Land acquisition for anchor plant
- EPC contractor selection and contract
Months 14 to 32
Construction & commissioning
- Anchor plant construction (18 months)
- First two C&I portfolio sites in parallel (months 18 to 28)
- Lagos operations team build to 30+ FTE
- Carbon credit registration through NCCC
- Third and fourth PPAs signed for portfolio expansion
Months 32 to 36
Commercial operation
- Anchor plant commercial operation date (COD)
- First carbon credit issuance and sale
- Refinancing study for years 4 to 5
- Next-state expansion analysis (Edo, Kaduna)
Critical path items
Co-investor selection in months 1 to 6. The Lagos market knowledge gap cannot be filled by hiring. The co-investor is the acquisition mechanism, and the wrong choice slows everything downstream. JCM should run a structured selection process with three to four candidates.
LASERC engagement begins immediately. Generation and wheeling licenses are the regulatory critical path. Pre-application discussions in months 1 to 3, formal application in months 4 to 6, license issuance targeted for month 9.
Two anchor PPAs signed before financial close. Financial close needs PPA visibility for senior lenders to commit. The first two PPAs (one Tier-1 multinational, one Tier-2 domestic industrial) anchor the financing case. The remaining portfolio fills in during construction.
The plan is sequenced around hiring and licensing, not capital
Capital is available. Time and named decisions are the constraints. Compressing the schedule below 36 months is technically possible but exposes the project to the failure patterns the bypass strategy is designed to avoid.