ACEI to Invest US$130 Million Power Project in Nigeria

United States-based American Capital Energy and Infrastructure (ACEI) has announced an investment of $130 million in Azura Power Holdings, the company developing the Azura-Edo power project in Edo State, Nigeria. The Azura-Edo project is a 450 Megawatts open-cycle gas turbine power station being developed near Benin City, which is the first phase of a 1,000 MW power plant project for the city. Azura managing director, David Ladipo said, “ACEI’s investment will transform our business and accelerate Azura’s drive to create a flagship, multi-asset, power generation company. We are committed to the creation of an indigenous business that will provide electricity to the people of Nigeria and boost the country’s industrial growth, its job creation and social welfare.” Earlier in 2013, Azura signed a power purchase agreement with the Nigerian Bulk Electricity Trading. Paul Hanrahan, ACEI chief executive officer, stated: “This is a good example of the type of investments that we target in high growth platforms in energy infrastructure. Significant progress has been made by the Azura co-founders on the first phase of the project. There are good growth opportunities in the Nigerian and west African markets and our confidence grows in Nigeria’s power sector reform programme.”