TLG Capital, an investment firm focused on emerging markets, and Wema Bank Plc., a leading Nigerian financial institution, have partnered to invest $10 million in Terra Aqua Environmental Consultancy Limited, the largest sustainable aluminum recycling plant in Nigeria. This significant climate finance deal is projected to recycle the equivalent of three Eiffel Towers in aluminum over the next five years, boasting a 95% reduction in CO2 emissions compared to primary aluminum production.
This investment is expected to generate 200 local jobs, further strengthening Nigeria’s economy. Additionally, the environmental impact is substantial, equivalent to removing 100,000 cars from the road.
Beyond the immediate benefits of this deal, TLG Capital is pioneering a new model for private credit investments in Africa. By partnering with local banks like Wema Bank Plc., TLG Capital leverages local expertise and strengthens local balance sheets, providing more flexible financing options for borrowers. This approach fosters sustainable growth and development across the continent.
Wema Bank Plc. hailed the partnership as a new benchmark in African banking. The bank emphasized its commitment to providing tailored financial solutions and driving impact across key areas, including sustainability. The collaboration with TLG Capital enables the bank to offer more flexible financial solutions to its customers, including Terra Aqua.
Terra Aqua Environmental Consultancy Limited, located in Otta, Ogun State, Nigeria, has over 15 years of experience in the metal scrap recycling and trading industry. With a facility capable of producing 3,000 metric tons of aluminum ingots annually, the company is committed to sustainable practices and holds certifications from the Environmental Permit and Nigeria Export and Promotion Council.
This investment underscores the growing commitment to sustainable practices and the potential for significant economic and environmental impact in Nigeria. As TLG Capital continues to partner with local banks, it’s expected that similar investments will emerge, fostering a new era of sustainable growth across Africa.
