By Yemisi Izuora-Lagos
IFC, a member of the World Bank Group, has signed agreements to provide $80 million of debt financing to Azura Power West Africa Limited, a 450 MW gas-fired independent power project in Nigeria.
The project is expected to strengthen Nigeria’s gas-to-power value chain and deliver much-needed electricity to almost 14 million residential consumers in the country.
The Azura-Edo IPP consists of the construction, operation and maintenance of a 450 MW gas-fired open-cycle power plant located in Edo State, Nigeria.
It also includes the construction of a short 330kV transmission line and an underground gas pipeline spur connecting the power plant to the country’s main gas trunk line.
The project has been developed by a consortium of investors led by Amaya Capital Ltd, a principal investment firm focused on energy projects in West Africa.
Mr. Sundeep Bahanda, co-founder of Amaya Capital and Dr. David Ladipo, Managing Director of the Azura-Edo IPP, said in a joint statement: “The completion of the financing is a major milestone in our project development timeline”.
IFC is providing $50 million in debt for its own account, and $30 million of subordinated debt, for a total of $80 million.