(Ecofin Agency) - Reservoir Capital Corp, which has energy assets in emerging markets, completed the acquisition of Olocorp Nigeria Ltd, a Nigeria-based company whose business is to acquire shares in North-South Power.
Under the terms of the agreement, the Canadian firm Reservoir Capital, through its subsidiary Kainji Power Holding Limited, purchased the 40% stake held by the Olo family (Eric and Clara) in Olocorp Nigeria for $2.66 million.
The agreement finalized between the two parties allows Reservoir Capital to hold all the shares of Olocorp Nigeria. According to Lewis Reford, Managing Director of Reservoir Capital, this transaction allows the Canadian firm to hold an additional asset in the energy sector through its Nigerian subsidiary.
Olocorp owns and operates a portfolio of companies operating in the power supply sector in Africa.