Nigeria
Azura-Edo power plant, Nigeria
2014/15 EAIF provided $30m in senior and subordinated loans to the project and played a key role in structuring the finance.
$30m loans to the project
supplying 3.7m households
1,000 construction jobs
Background
The Azura-Edo power station is a 450MW Open Cycle Gas Turbine power station built and operated by the Independent Power Producer, Azura Power It was Azura Power’s first project and part of a planned 2,000MW IPP facility being developed near Benin City.
Project
The Emerging Africa Infrastructure Fund (EAIF) provided $30 million in senior and subordinated loans to this US$865 million project and played a key role in structuring the financing. Construction of phase one began in 2016 with power being first produced in May 2018. The project won the 2015 Thomson Reuters PFI African Public/Private Partnership Award.
Impact
The Azura-Edo plant is a significant addition to Nigeria’s stock of power stations and its size makes it a key strategic facility in the Nigerian economy.
1000 people were involved in the construction of the of the plant and 60 permanent jobs created.
The power plant supplies 3.7 million households (approximately 22 million people) and numerous businesses. Many consumers are able to access electricity from the national grid for the first time and at lower cost than off-grid energy.
Boosting Nigeria's electricity generating capacity is at the very heart of creating a growing economy that stimulates business and jobs and helps combat poverty.
