As Deal Opens New Chapter For 752MW African Power Producer
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Abu Dhabi-based energy investor ePointZero has announced plans to acquire a 90 per cent stake in Azura Power, the pan-African independent power producer founded in 2010 by Nigerian investment firm Amaya Capital, in a transaction that will give the buyer its first major entry into Africa’s power generation market.
The transaction, which remains subject to regulatory approvals and customary closing conditions, will see ePointZero acquire the ownership interests currently held by Actis and Africa50 through an acquisition vehicle established with Amaya Capital.
Amaya Capital, co-founded by Nigerian businessman Phillip Ihenacho, will retain a 10 per cent minority interest in Azura after completion of the transaction.
The parties did not disclose the financial value of the deal or an expected completion date.
Azura Power currently owns and operates 752 megawatts of generation capacity across Nigeria, Senegal and Mozambique, supplying an estimated 10 per cent of grid baseload power in each of the three countries.
Its largest asset is the 461MW Azura-Edo Independent Power Plant near Benin City in Edo State, Nigeria. The company also operates the 116MW Tobene plant in Senegal and the 175MW Central Térmica de Ressano Garcia, CTRG, facility in Mozambique.
Beyond its existing plants, Azura has a development pipeline exceeding 1.5 gigawatts across gas-fired power, renewable energy and battery storage projects, giving the company the potential to more than double its current generation portfolio.
For ePointZero, a subsidiary of the UAE’s 2PointZero Group, the transaction represents a major expansion into African energy infrastructure.
The company said the acquisition was consistent with its strategy of investing in infrastructure assets supported by long-term revenue streams and predictable demand.
Azura’s operating plants are backed by long-term power purchase agreements with national utilities, providing the type of contracted cash flows that infrastructure investors typically seek.
Azura Group Chief Executive Officer Dave Peacock described the proposed acquisition as an important milestone in the company’s development.
“This transaction is a significant milestone for Azura. We are proud of what our teams have built over the past ten years and the confidence shown by ePointZero is a strong endorsement of that achievement,” Peacock said.
“I would like to thank our shareholders for their trust, partnership and support throughout that journey. With ePointZero now joining Amaya, Azura is well positioned to build on its strong foundations, broaden its opportunity set and accelerate its growth across Africa’s energy sector.”
Azura traces its origins to Amaya Capital, established in 2009 by Ihenacho alongside Sundeep Bahanda and David Ladipo.
Ihenacho, who studied at Yale University and Harvard Law School before working with McKinsey in New York, London, Stockholm and Johannesburg, later returned to Africa and helped build Afrinvest into a major West African investment banking business.
After the sale of Afrinvest’s London business to United Bank for Africa in 2007, he went on to establish Amaya Capital, which became one of the early developers behind Azura.
Azura-Edo became the company’s flagship project and one of the landmark privately financed electricity projects in Nigeria.
The 461MW open-cycle gas-fired plant was developed from a greenfield site and reached financial close in January 2015 at approximately $876 million.
The project was the first Nigerian power transaction to deploy the World Bank’s Partial Risk Guarantee structure, designed to provide additional comfort to lenders and investors against payment and contractual risks associated with the electricity market.
More than $900 million was ultimately deployed in developing the project, which became an important reference point for private-sector financing of Nigerian power generation.
American Capital Energy and Infrastructure had also joined the project as an investor in December 2013.
Over time, Azura expanded beyond Nigeria into Senegal and Mozambique, transforming from a single-project developer into a regional power generation platform.
Its three existing plants now provide a combined 752MW of operating capacity.
The company has also attracted financing and institutional support from several major international development finance institutions, including the World Bank, British International Investment, Germany’s DEG, the United States International Development Finance Corporation, FMO, the International Finance Corporation, the Multilateral Investment Guarantee Agency and Proparco.
Azura said it would maintain its focus on reliable power generation while continuing its community programmes under its Power to Change initiative.
ePointZero Chief Executive Officer Mohamed Hesham said Azura brings together critical operating assets, an experienced management team and exposure to African markets where long-term demand for electricity is expected to remain strong.
He also linked the acquisition to ePointZero’s wider energy and infrastructure portfolio, which includes an investment in Egyptian engineering and construction group Elsewedy Electric.
The Azura transaction follows ePointZero’s expansion into the United States earlier in 2026 through its $2.25 billion acquisition of Traverse Midstream Partners.
Chairman of 2PointZero, Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, described the investment strategy as one centred on deploying long-term capital into infrastructure capable of supporting economic growth.
The acquisition comes against the backdrop of rapidly increasing electricity demand across Africa.
Azura estimates that electricity demand on the continent could nearly double by 2040 as population growth, urbanisation and industrial development increase pressure on existing generation infrastructure.
Sub-Saharan Africa also continues to face a significant electricity-access deficit, strengthening the investment case for new generation, transmission and energy-storage infrastructure.
The transaction will therefore give ePointZero immediate exposure to three African electricity markets while providing Azura with a new majority shareholder capable of supporting the company’s planned expansion across gas, renewable energy and battery storage.
Amaya Capital’s retention of a 10 per cent stake means the company that founded Azura will remain invested in the platform after Actis and Africa50 exit their ownership positions.
Until the necessary regulatory approvals and other closing conditions are satisfied, however, the proposed 90 per cent acquisition remains pending and the existing ownership structure continues to apply.
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