Abu Dhabi-based energy infrastructure platform ePointZero has agreed to acquire a 90% stake in Azura Power Holdings, taking control of one of Africa’s major independent power platforms and deepening Gulf investment in Nigeria’s electricity sector.
The transaction, announced on August 31, will see ePointZero acquire the respective interests of existing investors Actis and Africa50 through an acquisition vehicle established with Amaya Capital, Azura’s founding partner. Amaya will retain a 10% minority stake. The financial value of the transaction was not disclosed, and completion remains subject to regulatory approvals and other closing conditions.
Azura Power operates 752MW across Nigeria, Senegal and Mozambique, including the 461MW Azura-Edo Independent Power Plant near Benin City. The group also has a development pipeline exceeding 1.5GW, including gas, renewable and battery-storage projects.
For investors, the acquisition represents a significant injection of long-term foreign capital into Africa’s power-generation infrastructure. In Nigeria, it could support further expansion of Azura-Edo and strengthen investment in additional generation capacity as electricity demand grows.
The deal also gives ePointZero immediate exposure to operating African power assets with long-term power-purchase agreements, while providing Azura with a new strategic partner to pursue its development pipeline.
Investors will now watch for regulatory approvals, completion of the transaction and details of ePointZero’s capital commitments to Azura’s Nigerian expansion projects.
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