Africa50 partners with Actis, the majority shareholder in Azura Power, to invest in Azura Edo in Nigeria.
Africa50, the pan-African investment platform, announced today that is has invested in the 461MW Azura Edo IPP in Nigeria. Africa50, brings significant power generation experience having invested in several key infrastructure projects across the continent representing over 1,000MW of capacity.
Raza Hasnani, Head of Infrastructure Investments at Africa50 said “We are excited to invest in a mission-critical asset within the Nigerian power market. We have a strong institutional commitment to mobilizing capital for key African infrastructure assets, and look forward to creating value as a shareholder of Azura-Edo.”
Azura Power’s CEO, Alan Muir, commented “We are delighted to have Africa50 as an investor in our Azura Edo power plant. We are excited with the addition of such an African focused investor as one of our shareholders in Nigeria.”
Adrian Mucalov, Partner at Actis, added “We have invested over US$1billion across Africa in the electricity sector- 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.”
Africa50 is an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50’s investor base is currently composed of 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib, with over US$876 million in committed capital. For more information, visit: www.africa50.com.
About Azura Power
Azura Power (Azura) is a developer, financier, acquirer and operator of Independent Power Plants (IPPs) across Africa. Azura’s ambition is to build the continent’s leading power generation platform. Azura has a strong presence in West Africa where it is the founder and majority owner of Nigeria’s first privately project financed IPP, a 461MW IPP that is now operating near Benin City in Edo State. Azura also owns the Tobene IPP in Senegal.
Actis is a leading investor in growth markets, with a long-standing commitment to best practice responsible investing and to supporting the economic development agenda of its host countries. It has a broad portfolio of investments across Asia, Africa and Latin America and has raised over US$15bn since inception from leading global asset managers including pension funds, sovereign wealth funds and development finance institutions. Actis’s energy business has committed US$5bn to 34 energy investments in over 20 countries; this translates to more than 25GW of generating power which have provided access to over 100 million people across the firm’s markets.