ePointZero, an Abu Dhabi-based energy infrastructure platform, has agreed to acquire a 90 percent stake in Azura Power Holdings Ltd., one of Africa’s largest independent power producers. The deal strengthens Abu Dhabi’s presence in Africa’s energy market. ePointZero, a subsidiary of Abu Dhabi-listed 2PointZero Group, will acquire the shares held by private equity firm Actis and pan-African infrastructure investor Africa50 through an acquisition vehicle jointly established with Amaya Capital. Amaya founded Azura Power in 2010 and has built strong links between Abu Dhabi and Nigeria, where Azura operates its flagship 461-megawatt Azura-Edo power plant.
The deal also comes as Abu Dhabi and Nigeria deepen their economic ties. The two countries signed a Comprehensive Economic Partnership Agreement in January, witnessed by President Bola Tinubu and Sheikh Mohamed bin Zayed Al Nahyan. The agreement identified potential areas for Gulf investment in Nigeria, including energy, power-grid expansion, logistics and digital infrastructure.
Edu Okeke, CEO of the Azura-Edo plant, said President Bola Tinubu has made attracting Gulf investment a priority since taking office in 2023. Okeke pointed to the president’s repeated visits to the UAE as evidence of his efforts to strengthen economic ties between Nigeria and the Gulf.
The acquisition comes as Nigeria works to expand electricity access through the Mission 300 initiative, a World Bank-backed program that aims to connect more people to reliable electricity. The initiative is increasing pressure on power producers to invest in new capacity and improve project delivery.
H.E. Mariam Almheiri, Vice Chair and Managing Director of 2PointZero, said the acquisition of Azura Power strengthens the group’s presence in a region where energy demand and economic growth continue to increase.
Azura Power operates more than 750 megawatts of generating capacity across three gas-fired power plants in Nigeria, Senegal, and Mozambique. The plants provide about a tenth of each country’s grid baseload power. Azura also has a development pipeline of more than 1.5 gigawatts covering gas, renewable energy, and battery storage projects.
“Reliable power is fundamental to economic growth, industrial development, and long-term prosperity,” Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, said in a statement. He said the investment through ePointZero showed the group’s commitment to putting long-term capital into critical infrastructure that can support economic growth across key African markets.
The acquisition marks 2PointZero’s second investment in Africa’s energy sector, following its earlier investment in Egypt’s Elsewedy Electric. It also represents the group’s first move into power generation across several African markets. The deal reflects a wider increase in Gulf investment in African infrastructure as Middle Eastern investors look to expand beyond oil and gas and strengthen commercial ties with fast-growing emerging markets.
“Azura Power brings together many of the qualities we look for in an energy platform: critical operating assets, an experienced management team, and a strong position in markets with significant long-term power needs,” said Mohamed Hesham, Chief Executive Officer of ePointZero. He added that the Azura transaction, together with the Elsewedy investment, will strengthen ePointZero’s capabilities in energy and infrastructure.
Amaya Capital said the transaction represents an important milestone for Azura Power after more than a decade of operations. With ePointZero joining Amaya as a shareholder, Azura plans to build on its existing operations, expand its project pipeline, and grow its presence across Africa’s energy sector.
source: businessday.ng
African Energy Council