Amaya Capital, the African-focused principal investment firm is pleased to announce over $300m of equity commitments in its power generation platform. The new investment follows the acquisition by growth markets investor Actis of American Capital Energy & Infrastructure’s stake in Azura Power Holdings Limited (“Azura”). This transaction, and the consequent expansion of Azura’s capital base, now allows the business to scale up its pan-African power generation capacity to a target of over 3,000MW, BusinessDay reports.
The World Bank estimates that as many as 600 million of Africa’s 1 billion people lack access to electricity. The Azura platform seeks to ameliorate this acute shortage of power on the African continent with a primary focus on gas-to-power assets in addition to the development of renewable projects within Nigeria.
The Azura platform is anchored on the Azura-Edo IPP, a 1,500MW power station complex located in Edo State, Nigeria which is being developed in three phases with the first (459MW) phase currently under construction. Azura’s Nigerian investments also include a controlling stake in the 125MWp, gridscale, “Nova Solar” project which is currently under development in Katsina State.
Source: Energy Mix