Azura Power

West Africa,Africa Infrastructure

Azura Power Holdings is an investment holding company for independent power projects (IPPs) in Africa. Its other co-shareholders are African Infrastructure Managers, ARM Life and Aldwych International.

The Azura-Edo IPP is a 450 megawatt (MW) open cycle gas turbine power station being constructed near Benin City in Edo State, Nigeria.

Our investment

In 2014, CDC provided $30 million of debt finance to support the construction of the Azura-Edo power plant.

Our investment is helping to boost the supply and reliability of power in Nigeria.

Expected impact

Despite having Africa’s largest population, Nigeria has one of the lowest per capita electricity consumption rates in the world. Lack of investment in the former state-owned infrastructure has hampered its development and it is hard for businesses to hook up to the grid. Supply outages are also frequent – the agricultural industry is hit particularly hard, as most irrigation lines are powered by electricity – which seriously inhibits the country’s economic growth.

Our investment in the Azura-Edo project will be the first greenfield power plant in Nigeria since the country’s reform of the power sector in 2013 and will provide a much-needed power supply to local communities and businesses.

Its first turbine was connected to the grid in late 2017, with the plant expected to be fully operational in 2018.

Several companies from a wide range of sectors - steel-making, agro-processing, construction, IT and energy - have explored the feasibility of setting up factories in Edo State since the construction of the plant.

As well as creating direct and indirect jobs, our investment sends a strong signal to other potential investors in the country’s power sector.

Environmental and social aspects

Azura has built and will operate the plant in line with international environmental and social standards. It is also providing employment opportunities and vocational training to local communities.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Africa, West Africa
Countries:
Nigeria
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

:
Infrastructure
Website:
https://azuraedo.com/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Direct Debt
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
November 2014
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$30m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Nigeria