Abu Dhabi's ePointZero lands Azura Power majority share
The 461MW Azura-Edo independent power plant near Benin City, Edo State, Nigeria (Image source: Azura Power)
In a deal that reflects growing interest in Africa’s energy sector, Abu Dhabi’s ePointZero is acquiring a 90% stake in Azura Power, marking a major entry into the continent’s power generation market
The deal also provides Azura with the long-term capital and strategic backing needed to accelerate its expansion and help address Africa’s growing electricity deficit.
Azura Power operates 752 MW of operational capacity across three assets, all underpinned by long-term power purchase agreements:
Nigeria: Azura-Edo (461 MW)
Senegal: Tobene (116 MW)
Mozambique: CTRG (175 MW)
"Reliable power is fundamental to economic growth, industrial development and long-term prosperity,” said Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, chairman of 2PointZero.
“This investment through ePointZero reflects our commitment to deploying long-term capital into critical infrastructure that can support that growth in key markets across Africa.”
Development pipeline
The funding also offers a platform to Azura Power to pursue its current development pipeline, which comprises more than 1.5GW of gas, renewable and BESS projects across the continent.
Dave Peacock, Azura Power’s CEO, called the transaction a significant milestone for the company.
“Azura is well positioned to build on its strong foundations, broaden its opportunity set and accelerate its growth across Africa's energy sector,”he said.
Africa's power market is entering a period of sustained investment as population growth, urbanisation and industrial development drive demand for new generation capacity.
Electricity demand across the African region is expected to nearly double by 2040.
Yet, electricity access across sub-Saharan Africa remains at roughly 55% according to the World Bank, underscoring both the scale of infrastructure needs and the opportunity for long-term private capital.
Transaction terms
Under the transaction terms, ePointZero has partnered with Amaya Capital to establish an acquisition vehicle, through which ePointZero will acquire the respective ownership stakes of Actis and Africa50.
Amaya Capital, Azura Power's founding partner, will retain a minority interest of 10%, underscoring its continued confidence in the future growth of the platform it founded in 2010.
Completion of the transaction is subject to customary regulatory approvals and closing conditions.
Mariam Almheiri, vice chair and managing director, 2PointZero, said the deal reflects its approach to investing in businesses with strong fundamentals, local expertise, and long-term value.
It continues other recent interest by the company in Africa’s expanding energy sector, including an investment in Egypt’s Elsewedy Electric.
Mohamed Hesham, CEO of ePointZero, said Azura Power brings together many of the qualities it looks for in an energy platform: critical operating assets, an experienced management team and a strong position in markets with significant long-term power needs.
“We are acquiring a business built on nearly a decade of disciplined execution, with significant opportunity to support its continued growth as demand for reliable power infrastructure across the continent accelerates,” he said.
“Together with our strategic investment in Elsewedy Electric and its established industrial and EPC presence across Africa, our acquisition of Azura Power deepens ePointZero's capabilities in energy and infrastructure and positions us to pursue new opportunities across Africa's evolving energy markets."
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