Azura Edo IPP

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The Azura-Edo Independent Power Plant (“IPP”) is a 450 MW gas-fired open cycle power plant located in the North Eastern outskirts of Benin City in Edo, Nigeria (“the Project”). As of July 2013, the plant is estimated to cost around US$[654] million, and to achieve commercial operations by late 2016. This would make it one of the first IPPs to come online in the country in over a decade. The Azura-Edo IPP benefits from the full support of the Federal Government of Nigeria (“FGN”) and is currently negotiating a tripartite agreement to be signed between Azura, the Nigerian Bulk Electricity Trading PLC ("NBET") and the Nigerian Federal Ministry of Finance ("MoF") wherein the MoF will back-stop the payments owed to Azura by NBET in the event of a termination of the Power Purchase Agreement.In addition, Azura is one of 14 IPPs nominated by the MoF for participation in a PRG series proposed by the World Bank and MIGA is also considering providing political risk insurance for the Project (including breach of contract cover).IFC has been mandated to co-arrange the Development Finance Institution (“DFI”) debt tranche with FMO, and is expected to invest an A loan of up to US$125 million for its own account, as well as co-mobilizing the balance of required DFI funding.