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Nigerian energy sector receives $ 130 million investment

The US ACEI group announced today that it has committed to invest up to $ 130 million in Azura Power, the company which is developing the Azura -Edo power project in Edo state in Nigeria. The company is expected to create a thousand direct jobs during construction and operation.

Aiming to become the leading development energy company in West Africa, Azura will use the ACEI investment to finance the first and second phase of Azura-Edo which includes expansion of the team, and construction and operation plans.

The Azura Edo electric power station will include a 450 MW open cycle gas turbine near Benin City in Edo State and represent the first phase of a 1,000 MW power plant.  The project is expected to have a positive impact on the industrial and social wellbeing of the area, leading to economic development and job creation.

Paul Hanrahan, CEO and cofounder of ACEI, said that the investment “is the recognition of the significant progress made by Azura in the first phase of Azura-Edo energy project in Edo, of the growth opportunities in the Nigerian and West African markets and of our confidence in the reform programme in the energy sector of the Federal Government of Nigeria.”

In June 2013, ACEI joined Power Africa, a government initiative launched by US President Obama that focuses on supporting economic growth and development in Africa by increasing access to clean and reliable electric current.

Sundeep Bahanda, cofounder of Amaya Capital Partners, the main Azura sponsors, and Dr David Ladipo, Azura managing director, said in a joint statement that “the ACEI investment will have a transformative impact on our business and accelerate the momentum of Azura to become the energy and generation company with multiple assets. Development of the electricity supply industry in Nigeria is a big project that requires long-term commitment from all the parties.”

Source: afrol News