Azura-Edo Gas-Fired Power Plant Phase 1
Sector: Airport • Location: Nigeria
Source: World Bank Group
The Project entails the design, construction, operation and maintenance of a 450 megawatt (“MW”) gas-fired open cycle power plant on a Build-Own-Operate basis and represents the first phase of a potential 1,000 MW power plant facility. The Azura-Edo Independent Power Plant (the “Azura-Edo IPP”) will be located in the northeastern outskirts of Benin City in Edo State, Nigeria.
The project sponsor
- Status
- Prospective
- Sector
- Airport, Natural Gas, Power Generation (CCGT), Government, Commercial
- Location
- Nigeria
- Updated
- 22 Jul 2026
- Source
- World Bank Group
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Project Information
Participants
Sponsoring Agency |
Status
Original status | Active |
Taiyo status | Prospective |
Taiyo last update | 2026-07-22 |
Contact
| Not available for this record. |
Description
Description | The Project entails the design, construction, operation and maintenance of a 450 megawatt (“MW”) gas-fired open cycle power plant on a Build-Own-Operate basis and represents the first phase of a potential 1,000 MW power plant facility. The Azura-Edo Independent Power Plant (the “Azura-Edo IPP”) will be located in the northeastern outskirts of Benin City in Edo State, Nigeria. The project sponsors are Amaya Capital Partners (25.00%), American Capital Energy & Infrastructure (25.00%), Macquarie (15.00%), Old Mutual Group (15.00%), Aldwych International (14.00%), and Asset & Resource Management (6.00%). The Project will sell power under a 20-year Power Purchase Agreement to the Nigerian Bulk Electricity Trading PLC ("NBET"). NBET is wholly-owned by the Federal Government of Nigeria and was incorporated in 2011 as part of the ongoing Nigeria power sector reforms. The total project cost is USD $890 million. Financing comprises approximately USD $690 million in debt and USD $190 million in sponsor equity. The IFC and FMO arranged a USD $267.5 million, 15-year development finance institution tranche of senior debt. The other lenders on the tranche were: DEG, Proparco, SwedFund, CDC Group, ICF Debt Pool, OPIC, EAIF. The IFC provided USD $50 million in this senior debt tranche, with all other lenders taking tickets of between USD $20 million and USD $50 million. The IFC (USD $30 million), OPIC (USD $15 million), Proparco (USD $10 million) and EAIF (USD $10 million) also contributed to a USD $65 million mezzanine facility. Rand Merchant Bank and Standard Chartered arranged 12-year commercial bank debt split between two $117 million tranches covered by MIGA and IBRD, respectively. KfW IPEX only participated in the MIGA tranche, Standard Chartered only participated in the IBRD tranche, while Siemens Bank, Standard Bank and Rand Merchant Bank lent on both. Local bank First City Monument Bank (FCMB) on-lent USD $121 million from the Nigerian government. Central Bank of Nigeria’s Power and Airline Intervention Fund provided the liquidity for the loan, while FCMB has taken the commercial risk. i) https://ijglobal.com/data/project/27367/azura-edo-gas-fired-power-plant-phase-1-450mw ii) https://ijglobal.com/Articles/99010 iii) https://ijglobal.com/Articles/97899 |
Original sector | Energy |
Budget |
Location
Country | Nigeria |
Source
Source | World Bank Group |
URL |
More Details
Record type | Project |
Sector | Airport, Natural Gas, Power Generation (CCGT), Government, Commercial |
Article published date | 2024-09-29 |
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