Azura West AfricaEnergizing power in West Africa

Azura has attracted world-class partners to assist in the development of the project and the provision of equity capital at financial close


Amaya Capital is the Sponsor of the Azura-Edo IPP.

Amaya is a Principal Investment firm focused on making investments in early stage companies that provide exposure to the fast growing market in West Africa.

Amaya seeks to identify and shape high growth, scalable business opportunities whose potential will be fully realized if provided with strategic insight, strong management, capital and expertise from proven international players.

Amaya is not a typical private equity house - it does not manage a third party fund and they are not financial engineers. Rather its focus is to build businesses from an early stage which are actively shaped through the introduction of a strategic expertise and high quality management team thus making the investment more attractive to institutional investors.

Amaya has two major investments, Seven Energy, a leading independent gas company in Nigeria which Amaya co-founded and Azura Power.


Aldwych International

Aldwych International is a co-development and co-equity partner and has provided both commercial and technical advice throughout the project.

Aldwych is an energy company active in the growing economies of Africa and was established in 2004, for the purpose of developing, owning and operating power generation, transmission and distribution projects in emerging economies.

The Aldwych management has a long history of international power industry experience and has successfully financed or re-financed more than 20 power projects worldwide, in both developed and emerging markets.

The two principal investment institutions behind Aldwych are the Pan-African Infrastructure Development Fund (PAIDF) and FMO, the Dutch Development Bank.


African Infrastructure Investment Managers, AIIM, is a co-developer and co-equity partner on the Azura project.

AIIM was established in 2000 as a joint venture between MacQuarie Group and the Old Mutual Investment Group, a leading investor in infrastructure assets in South Africa, to manage the South Africa Infrastructure Fund (SAIF) and position itself as one of the leading unlisted infrastructure equity investment managers in the African market.

The AIIM team is one of the most experienced infrastructure transaction teams in Africa and has extensive experience in asset optimisation and governance, including board management expertise in toll roads, airports, telecommunications companies and power assets.

AIIM is the manager of a group of niche funds designed to invest long-term institutional equity in African infrastructure projects.


Asset & Resource Management Company Ltd ("ARM") was established in 1994, and has evolved into one of the most respected financial services brands in Nigeria. The firm a diversified and integrated, non-bank financial services institution with 18 years investment management expertise. Its business comprises non-pension asset management, pension fund administration, trust services, real estate management and development, infrastructure finance and development, investment banking and financial advisory services.

ARM have consistently distinguished themselves through its superior research quality, asset management track record and value-adding financial advisory services. Over the years, it has also returned significant value to our shareholders.

Through sponsorship of Lekki Concession Company Ltd., ARM pioneered the execution of infrastructure projects in Nigeria, based on the Public Private Partnership framework. It holds a 30-year concession for the rehabilitation and maintenance of the Lekki-Epe Expressway. This pioneering project reached a major milestone with the achievement of a historic "N46.8bn ($390M) financial close" in October 2008, amid a very turbulent global operating environment.

Headquartered in Lagos, Nigeria with offices across the country, ARM manages total assets of over N300 billion.

The firm is regulated by the Nigerian Securities & Exchange Commission.


The Edo State Government (EDSG) has provided strong local support to Azura especially in helping us to secure sufficient land for the IPP project and by providing assistance in dealing with the local communities.

This support was formalised in a Project Implementation and Shareholders Agreement between EDSG and Azura which outlines the principal responsibilities of both parties in the development of the Azura-Edo IPP. Furthermore, it provides EDSG with a small minority stake in the Azura project as direct compensation for the provision of the land and basic infrastructure support.

Azura has committed, through its Community Action Program (which is currently being finalised) that it will ensure that the Edo State people benefit directly as a result of its investment in the IPP through providing financial and non-monetary support to the local communities in the form of, for example, basic utilities and various programmes on education, employment and health.

Azura is grateful for the support provided by Governor Adams Oshiomhole and the Ministries of the EDSG and is committed to play an important role in implementing the Governor’s vision for Edo State.


Azura is working closely with The World Bank to help establish the Azura-Edo IPP as a front-running project for participation in the World Bank’s Partial Risk Guarantee programme. This programme along with political risk insurance from MIGA, a member group of the World Bank, will provide Azura with the necessary financial support to help it raise the equity and debt financing required for the project.

The World Bank is a vital source of financial and technical assistance to developing countries around the world. Established in 1944, the World Bank is headquartered in Washington, D.C. with more than 9,000 employees in more than 100 offices worldwide.

In particular, The World Bank is helping to fight poverty and improve living standards for the people of Nigeria. As of September 2010, the World Bank had approved over 130 International Bank for Reconstruction and Development (IBRD) loans and International Development Association (IDA) credits to Nigeria for a total amount of more than US$10.5 billion.


American Capital Energy and Infrastructure, a subsidiary of American Capital, Ltd., is a private equity group that invests in energy projects in high growth markets, with a focus on Africa, Asia and Latin America.  American Capital has US$ 93 billion of total assets under management. For further information, please refer to