The African Export-Import Bank (Afreximbank) has approved a US$200 million financing package for Nigeria’s Shoreline Power Company Limited, reinforcing its commitment to developing African-owned engineering firms capable of delivering large-scale energy infrastructure projects across the continent.
The funding will support Shoreline Group’s participation in the US$980 million Hassi Bir Rekaiz (HBR) Phase 2a oil field development project in Algeria, one of the region’s significant upstream energy investments.
The financing, approved in June 2026, will be channelled through Shoreline’s majority-owned Italian engineering subsidiary, Arkad S.p.A., which holds a 44% stake in the engineering, procurement and construction (EPC) contract awarded by the Groupement Hassi Bir Rekaiz consortium. The consortium includes Algeria’s Sonatrach, Thailand’s PTTEP and Spain’s CEPSA.
The financing package consists of two facilities designed to strengthen Shoreline’s execution capacity and support future expansion. A US$110 million contract finance facility will provide working capital and guarantee support required for the Algerian project, while a US$90 million revolving facility will enable the company to bid for and execute additional pipeline and infrastructure projects across Nigeria and other African markets.
The investment reflects Afreximbank’s broader strategy of promoting African industrialisation, increasing intra-African trade and building globally competitive African companies capable of delivering complex infrastructure projects.
Industry analysts view the transaction as another example of the continent’s growing engineering capabilities, with African firms increasingly securing roles on projects that were previously dominated by international contractors.
The funding is also expected to strengthen regional supply chains by supporting African expertise in engineering, procurement and construction, while creating opportunities for local businesses and skilled professionals to participate in major energy developments.
As Africa continues investing in energy security and industrial growth, financial institutions such as Afreximbank are playing an increasingly important role in supporting indigenous companies that can deliver strategic infrastructure across the continent.