Standard Bank acting as Mandated Lead Arranger, backs Bluecore Gas Infraco with USD285m acquisition financing for strategic gas infrastructure acquisition in West Africa

Acting as Mandated Lead Arranger and Financier, Standard Bank delivered a bespoke financing solution that empowered Bluecore to secure the acquisition of Axxela in a highly competitive bid process involving over 15 interested parties.

Since its inception in 2001, Axxela has become one of West Africa’s largest regional gas distributors, pioneering the development of Nigeria’s private sector-led natural gas distribution network. The company operates across the full spectrum of the natural gas value chain, delivering energy solutions to industrial and commercial clients. As a designated shipper on the West African Gas Pipeline and a member of the West African Power Pool, Axxela plays a pivotal role in regional energy distribution and cross-border energy trade.

Bluecore drives the advancement of gas and power infrastructure development across Nigeria and West Africa. Built on a strategic alliance, it draws on the combined expertise of Afrigaz Energie LLP (a portfolio company of the Stanbic IBTC Infrastructure Growth Fund, managed by Stanbic IBTC Asset Management Limited), Levene Energy Development Limited, emPERSAND Limited, and Energy& LLP. Together, the partners offer deep investment and operational experience in gas pipelines, power generation and distribution, and renewable energy.

Leveraging world-class unrivalled deal structuring skills, deep sector expertise, and thorough understanding of Nigeria’s regulatory landscape, Standard Bank delivered a sustainable funding solution while navigating stringent timeless and addressing complex transaction dynamics and regulatory requirements.

“This transaction underscores Standard Bank’s connectivity and expertise across Africa. By combining our deep local sector knowledge with global structuring expertise, we successfully navigated complex, multi-jurisdictional challenges to deliver a robust solution for all stakeholders. We are proud to strengthen our partnership with Axxela, a key player in West African infrastructure, and to collaborate alongside strong sponsors in Bluecore, and its shareholders.” explains Kagiso Rantloane, Deal Lead, Structured Capital Business at Standard Bank

This transaction marks a significant milestone in Standard Bank’s partnership with Bluecore’s shareholders, highlighting ongoing commitment to supporting capital allocators across Africa. The strong alignment between Bluecore’s ambitions and our purpose enabled us to deliver a financing solution and insights that best support the group’s growth strategy. By combining deep sector expertise with innovative funding solutions, we empower our clients to navigate Africa’s diverse markets and achieve their strategic objectives.

“Standard Bank brought deep sector insight, disciplined execution, and a clear understanding of the strategic importance of the Axxela platform. Their team remained fully engaged throughout the transaction, working constructively with the consortium to deliver a financing solution that supports long-term value creation.” said Nzan Ogbe, Chief Executive Officer of Levene Energy Holdings and a Director in BlueCore InfraCo.

This transaction directly advances Nigeria’s objectives for cleaner and more reliable energy, while also fostering industrial growth, infrastructure development, and broader regional integration across West Africa through cross-border gas trade.

“The successful conclusion of this landmark transaction exemplifies our deep and unwavering commitment to the continent’s energy transition as a strategic lever for sustainable growth. We were able to leverage our deep multidisciplinary sector and structuring capabilities to put forward a comprehensive and fit for purpose financing solution to Bluecore. We believe Bluecore is well positioned to drive the next phase of growth for Axxela and Standard Bank will continue to act as a strategic partner and trusted advisor” said Tyson Sithole, Executive Head Equity Finance, Structured Capital at Standard Bank

At Standard Bank, our commitment goes beyond delivering financial solutions, we strive to be a driving force for economic transformation across Africa. Partnering with visionary clients who share our dedication to investing in the continent empowers us to support growth and unlock new opportunities. This transaction stands as a testament to our purpose: Africa is our home, we drive her growth.