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The Africa Finance Corporation, Lagos-based multilateral institution, said it has arranged a $425 million loan facility for New Age (African Global Energy) Limited, a private Africa-focused oil and gas company.

In a statement issued on Thursday, AFC said the facility will enable New Age to refinance an existing loan facility, develop projects in Nigeria and the Republic of Congo and expand operations in other African countries.

Apart from the AFC, other lenders involved in the deal are EIG Global Energy Partners and an unnamed Middle East-based sovereign wealth fund. The lender consortium has disbursed an initial $350 million of the facility, with an additional $75 million to follow later. AFC said it is investing $75 million in the deal.

“While the recent volatility in the oil industry has been challenging, AFC believes the current market provides opportunities for long-term investors across the value chain,” said Andrew Alli, AFC’s President & CEO. “New Age has enjoyed considerable operational success in recent years across its Pan African portfolio and we would like to help them build on these foundations for the future.”

New Age has recently achieved first oil in some of its new developments across Africa, including the Aje field in Nigeria and the Litchendjili and Nene marine fields, located offshore Congo-Brazzaville. New Age has an extensive portfolio of assets in seven countries, including Congo Brazzaville, Cameroon, Nigeria, Ethiopia, Morocco, South Africa, and Kurdistan.

In Nigeria, New Age is the technical operator of the Aje field in OML 113, which has attained first oil production targeting 11,000 barrels per day and has transformed Lagos State into an oil producing State. The Aje field is also targeted to be a significant gas supplier to Lagos power and industrial projects.

“We are pleased to have concluded this debt facility with a group of highly respected lenders in a difficult market,” said Steve Lowden, New Age’s CEO. “Our developments work at low break-even prices, offering good returns even in the prevailing commodity environment, and have attracted commensurate financing. So far in 2016, we have managed to secure some $600 million of debt and equity, giving New Age an exceptionally strong balance sheet at the bottom of the commodity cycle.”

Founded in 2007 with paid-in equity capital of $1.26 million, the AFC has a mission to address Africa’s infrastructure development needs while seeking a competitive return on capital for its shareholders. AFC’s shareholders include various African financial institutions (47.6 percent), the Central Bank of Nigeria (42.5 percent), and several industrial and corporate shareholders (9.8 percent).