HomeTop StoriesOPIC approves $50 million for Azura-Edo power plant

OPIC approves $50 million for Azura-Edo power plant

The Azura-Edo power project will receive a $50 million cash injection from the Overseas Private Investment Corporation to support the construction and operation of the 459MW open cycle gas turbine power station. The first phase of construction will begin this year with 1,000MW potential.

The announcement was made on the 5th of August at the first U.S.-Africa Leaders’ Summit in Washington, DC in a signing ceremony between Paul Hanrahan, American Capital Energy & Infrastructure CEO and Co-founder, OPIC President and CEO, Elizabeth Littlefield, and the Managing Director of Azura Power Holdings, David Ladipo.

Cumulatively, $130 million will be invested in Azura Power Holdings to make the project possible with American Capital Energy & Infrastructure as the lead investor.

“It is relationships with OPIC and other development institutions that underpin ACEI’s strategy to create and grow power companies in high growth markets such as Africa, Asia and Latin America” said Paul Hanrahan, CEO and co-founder of ACEI.

The Azura Edo power project is Nigeria’s first new financed independent power producer in over ten years.

Elizabeth Littlefield, OPIC’s President and CEO commented: “OPIC’s participation in this project is a prime example of how we mobilize private capital to support development in Africa and throughout the developing world”

“Chronic power shortfalls in Nigeria impede growth and development, and OPIC’s support to ACEI will help the Azura-Edo project move forward and contribute to Nigeria’s overall energy capacity, which will help foster crucial economic advancement there.”

Finally, Managing Director of Azura Power Holdings, David Ladipo said: “The United States’ investment in the Azura project, represented by OPIC and American Capital, is complemented by the advisory support given to our public sector counterparts by United States Agency for International Development. These three institutions have recognized the tremendous growth potential that exists in the Nigerian Electricity Supply Industry and they have acted on this insight with energy and alacrity. We welcome their vision, their partnership spirit, and their audacity.”