Abu Dhabi’s ePointZero to acquire 90% of pan-African power producer Azura Power

Abu Dhabi’s ePointZero is acquiring a 90% stake in Azura Power Holdings, an independent power producer with 752 MW of operating capacity across Nigeria, Senegal, and Mozambique, according to a company statement. EPointZero, the energy infrastructure arm of 2PointZero Group, is buying out existing investors Actis and Africa50 through a new acquisition vehicle formed with Amaya Capital, the firm that founded Azura in 2010 and will retain the remaining 10%. The transaction value wasn’t disclosed. Closing is subject to customary regulatory approvals across the three countries.

Why it matters: This is ePointZero’s first acquisition in African power generation and its fourth cross-border energy agreement since November, following a solar development partnership with Elsewedy Electric in Zambia, a USD 2.25 bn buy into US gas pipelines through Traverse Midstream in July, and a renewables JV with Adani Green Energy in India in April. It also comes as regional power demand in sub-Saharan Africa is projected to nearly double by 2040, with electrification rates currently sitting at 55%.

More on Azura: Azura’s three plants generate roughly 10% of grid baseload power in each of the countries in which they operate. Its 1.5 GW development pipeline of gas, renewable, and battery storage projects could more than double the platform’s capacity.