Azura is a 450MW open cycle gas turbine power station, with the first phase located near Benin City, in Edo state, Nigeria. It consists of three combustion turbines, a short transmission line connecting the power plant to the Benin North substation and a gas pipeline spur connecting the power plant to the Escravos Lagos Pipeline System.
The project template is regarded as a model for IPP's in Nigeria because of the commercially competitive gas supply, the World Bank guarantees and the private sector-led development. The project is backed by the FGN government guarantee/put call option agreement and a suite of World Bank guarantees.
The new Nigerian managed specialist private equity infrastructure fund (ARMIF), established by Lagos based Asset & Resources Company Ltd (ARM), in partnership with Harith, is part of the equity funders and 20 international banks who committed approximately US$900m to the project which is expected to be operational by 2018.Latest Reports Request Access