AZURA POWER WEST AFRICA LIMITED
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Our client is Azura Power West Africa Limited, a company established to develop, construct and operate the Azura-Edo Independent Power Project, a 450MW open cycle gas turbine power station in Benin City, in the Edo State of Nigeria.
What is our funding objective?
FMO's financing will be used for the construction of the Azura-Edo power plant. The current project represents the first phase of a 1,500MW power plant facility. This first phase of the plant, which is targeted to come on stream in 2017, is expected to create over 1,000 jobs during its construction and operation.
Why do we fund this investment?
Nigeria is a low-income country and suffers from pressing shortages in electricity supply. The unreliable supply hampers economic growth and the development of the country. The United Nations estimates that Nigeria's population will reach 230 million within the next 20 years. During this period, the total grid-based power generation capacity must increase by at least tenfold in order to meet the demand. Azura is a key driver in this growth in capacity. The project will add significant generation capacity, providing a stable and reliable supply to the Nigerian electricity grid. Once operational the project will provide electricity to an estimated 14 million people in Nigeria.
- Region
- Africa
- Country
- Nigeria
- Sector
- Energy
- Effective date
- 11/27/2014
- Total FMO financing
- USD 40.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B+