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Investment firm, Africa50, has announced its investment in the 461-megawatt Azura-Edo Independent Power Project (IPP) in Nigeria.

Head, Infrastructure Investments, Africa50Raza Hasnani, said the company was committed to financially support African infrastructure assets. 

The Azura-Edo IPP is a 461MW open cycle gas turbine power station and the first project to be developed by Azura Power HoldingsAfrica50’s investment in Azura-Edo IPP is one of its many investments in Africa. The investment company has invested in various infrastructure projects in Africa, all of which represents 1,000 megawatts of capacity.  

The latest investment, in a report by Punch, complements the earlier investment by Africa50 in the Senegalese Tobene Power Plant.

Speaking on the partnership, Hasnani, said, “We are excited to invest in a mission-critical asset within the Nigerian power market. We have a strong institutional commitment to mobilising capital for key African infrastructure assets, and look forward to creating value as a shareholder of the Azura-Edo IPP.” 

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Managing Director, Azura-Edo IPP, Edu Okeke, said, “We are delighted to have Africa50 as an investor in our Azura-Edo power plant. To have the governments of 28 sovereign African states invest in one’s business is a fantastic endorsement; and an incentive for us to keep doing better.” 

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Meanwhile, the majority shareholder in Azura Power Holdings, Actis, said the company was committed to the power supply of the continent and the contribution of Azura-Edo IPP to Nigeria’s economy. 

[READ MORE: AFEX raises funds from Consonance Investment, increases agriculture-fund support)

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Adrian Mucalov, Partner at Actis said, “We are deeply committed to the continent. We take our responsibility to the countries, cities and communities in which we operate extremely seriously; and we are excited to be investing in this world-class business that is already directly contributing to the economic growth of Nigeria.” 

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Actis has invested over $1 billion across Africa in the electricity sector. Azura is the founder and majority owner of Nigeria’s first privately financed IPP, a 461MW IPP; it operates near Benin City in Edo State. 

About Africa50: In 2012, in their Declaration on the Program for Infrastructure Development in Africa, African heads of state called for innovative solutions to accelerate infrastructure delivery.

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After broad consultations with African stakeholders, the African Development Bank established Africa50 as a new investment vehicle. It was designed as an independent infrastructure fund that focuses on high-impact national and regional projects, mostly in the energy and transport sectors, with a particular emphasis on increasing the pipeline of investment-ready projects. 

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