IFLR1000

Azura-Edo $876 million 450MW gas power plant

1/2/2016
Project development, Project finance
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$ 876 million

Announced

1/2/2016

Overview:

  • Azura-Edo 450MW open cycle gas turbine in Edo State Nigeria. 
  • The deal is Nigeria's first independent power project (IPP) as the country looks to reduce its power deficit.
  • The Nigeria Bulk Electricity Trader (NBET) will be the sole offtaker from the plant under a 20-year PPA. 
  • The deal involved 15 lenders including Standard Chartered, Standard Bank and the IFC,
  • The project follows on form a series of legislatorial reforms and is set to provide a precedent for similar projects in the country.
  • The multi-tranche deal comprises $190 million equity, and $686 million of debt.

John Crabb - Journalist

 

Read further analysis of this deal on IFLR.com

Jurisdiction:

Nigeria

Deal types:

Project development
Project finance

Practice areas:

Project finance
Project development

Industry sector:

Oil and gas

Firms:
A&O Shearman

Party: International Finance Corporation (IFC) (Lender)

Party: Proparco (Lender)

Party: Emerging Africa Infrastructure Fund (Lender)

Party: Overseas Private Investment Corporation (OPIC) (Lender)

Party: JPMorgan Chase (Issuer)

Lawyer: Tim Scales

Clifford Chance

Party: Standard Chartered (Lender)

Party: International Finance Corporation (IFC) (Lender)

Party: Siemens Bank (Lender)

Party: Standard Bank of South Africa (Lender)

Party: ICF (Lender)

Party: FMO (Lender)

Party: Caixa Directa (CDG) (Lender)

Party: Deutsche Investitions- und Entwicklungsgesellschaft mbh (DEG) (Lender)

Party: KfW (Lender)

Party: Proparco (Lender)

Party: Swedfund (Lender)

Party: Overseas Private Investment Corporation (OPIC) (Lender)

Party: Rand Merchant Bank (RMB) (Lender)

Party: First City Monument Bank (Lender)

Party: Emergency Africa Infrastructure Fund (Lender)

Lawyers: Anthony Giustini, Russell Wells

Olaniwun Ajayi

Party: First City Monument Bank (Lender)

Party: International Finance Corporation (IFC) (Lender)

Party: FMO (Lender)

Party: Caixa Directa (CDG) (Lender)

Party: Deutsche Investitions- und Entwicklungsgesellschaft mbh (DEG) (Lender)

Party: ICF (Lender)

Party: KfW (Lender)

Party: Proparco (Lender)

Party: Swedfund (Lender)

Party: Overseas Private Investment Corporation (OPIC) (Lender)

Party: Standard Chartered (Lender)

Party: Rand Merchant Bank (RMB) (Lender)

Party: Siemens Bank (Lender)

Party: Standard Bank of South Africa (Lender)

Party: Emerging Africa Infrastructure Fund (Lender)

Lawyer: Wolemi Esan

Templars

Party: Azura Power West Africa (Project developer)

Lawyers: Chike Obianwu, Desmond Ogba, Oghogho Akpata

Trinity International

Party: Amaya Capital (Sponsor)

Party: American Capital Energy & Infrastructure (Sponsor)

Party: Aldwych Azura (Sponsor)

Party: African Infrastructure Investment Fund 2 Power Holding (Sponsor)

Party: Asset & Resource Management Company (ARM) (Sponsor)

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