Uche Cecil Izuora
ePointZero, a subsidiary of 2PointZero Group, an Abu Dhabi-based specialised energy infrastructure platform, is planning to acquire a 90 per cent stake in pan-African independent power producer, Azura Power Holdings Limited.
The transaction will bring Nigeria’s 461MW Azura-Edo power plant under new majority ownership.
The transaction, which is subject to customary regulatory approvals and other closing conditions, will see ePointZero acquire the respective ownership interests of Actis and Africa50 through an acquisition vehicle established in partnership with Amaya Capital.
Amaya Capital, which founded Azura Power in 2010, will retain a minority interest of 10 per cent in the power generation platform
The company, owned by Abu Dhabi’s royal family, said that it had partnered with Nigerian investment firm Amaya Capital to form an acquisition vehicle that will buy the stakes held by Actis and Africa50 in Azura Power, according to report.
Amaya Capital, a founding partner of the Nigeria-based power producer, will retain a 10 per cent minority stake in the company. The value of the transaction, which remains subject to customary regulatory approvals, was not disclosed.
Azura Power operates major power generation assets in Nigeria, Senegal and Mozambique, with its plants accounting for about 10% of baseload generation in each country.
It has 752 megawatts of operating capacity across three thermal power plants: Azura-Edo, with 461 MW in Nigeria; Tobene, with 116 MW in Senegal; and Central Térmica de Ressano Garcia, or CTRG, with 175 MW in Mozambique.
The plants operate under long-term power purchase agreements, providing relatively predictable revenue streams. Azura Power is also expanding its portfolio in line with Africa’s energy transition. Its development pipeline currently exceeds 1.5 gigawatts and includes natural gas, renewable energy and battery energy storage system, or BESS, projects across the continent.
Azura Power’s projects have been financed or supported by a range of leading global financial institutions, including the World Bank, the International Finance Corporation, British International Investment, the U.S. International Development Finance Corporation and the Dutch development bank FMO. Once completed, the transaction is expected to mark ePointZero’s entry into Africa’s power generation sector, where electricity demand continues to grow.
“The acquisition of Azura Power strengthens our presence in a region where energy demand, economic growth, and long-term opportunity are closely aligned. It reflects our disciplined approach to investing in businesses with strong fundamentals, local expertise, and long-term value,” Mariam Almheiri, vice chair and managing director of 2PointZero, said in a company statement.
The electrification rate in sub-Saharan Africa is estimated at about 53 per cent while nearly 600 million people still lack access to electricity, according to data published by the World Bank in June. That underscores both the scale of the continent’s power infrastructure needs and the investment opportunities they create.
Against this backdrop, independent power producers have become increasingly important in addressing Africa’s chronic electricity shortages, particularly where state-owned utilities face financial and technical constraints. IPPs can mobilize private and foreign capital for new generation projects, typically under long-term power purchase agreements that provide predictable revenue streams and can support faster project development.