ePointZero, a subsidiary of Abu Dhabi's 2PointZero Group, agreed on 31 August to acquire a 90% stake in Azura Power Holdings, an independent power producer with plants in Nigeria, Senegal and Mozambique.
Why ePointZero (2PointZero Group) is buying Azura Power Holdings Limited (90%)
2PointZero said the deal gives it an operating platform with immediate scale and long-term contracted cash flows in markets where electricity demand is expected to rise sharply, and gives Azura long-term capital to pursue a growth pipeline of more than 1.5GW.
“Reliable power is fundamental to economic growth, industrial development and long-term prosperity.”
Deal terms and financing
ePointZero and Amaya Capital, which founded Azura in 2010, will form an acquisition vehicle to buy the holdings of Actis and Africa50; Amaya retains 10%. No price was disclosed.
Regulatory approvals and timing
Completion is subject to customary regulatory approvals and closing conditions.
Market context
Azura's 752MW of capacity is backed by long-term power purchase agreements and supplies around 10% of grid baseload power in each of its three markets. Its largest asset is the 461MW Azura-Edo plant in Nigeria.
