Nigeria: American Capital Energy & Infrastructure's Azura-Edo Power Project Receives $50 Million Financing Commitment From Opic

press release

Annapolis, Maryland — American Capital Energy & Infrastructure ("ACEI") announced today that the Overseas Private Investment Corporation ("OPIC"), the U.S. Government's development finance institution, has approved up to $50 million in direct financing to support construction and operation of the Azura-Edo power plant project near Benin City in Edo State, Nigeria. The Azura-Edo power project is a 459MW open cycle gas turbine power station that begins construction in 2014 and represents the first phase of a potential 1,000MW power plant facility. The announcement was made at a signing ceremony between ACEI CEO and co-founder, Paul Hanrahan, OPIC President and CEO, Elizabeth Littlefield, and the Managing Director of Azura Power Holdings, David Ladipo, on August 5 at the first U.S.-Africa Leaders Summit in Washington, DC. The three-day event welcomes nearly 50 leaders from across the African continent to further strengthen U.S. ties with one of the world's most dynamic and fastest-growing regions. The Summit focuses on trade and investment in Africa and highlights U.S. commitment to Africa's security, its economic and democratic development, and its people. ACEI's affiliate has committed to invest up to $130 million in Azura Power Holdings Ltd., the company responsible for developing the Azura-Edo power project, to fund both the first and second phases of the Azura-Edo power project as well as future acquisitions and greenfield projects in Nigeria. In addition to OPIC and ACEI, the international team of debt and equity investors for the project include African and European infrastructure funds, development and commercial banks and the Edo State government. The Azura-Edo power project is the first new project-financed independent power producer in Nigeria in over a decade. "As the lead investor in Azura Power Holdings, we are excited to facilitate OPIC's critical participation in the Azura Edo power project," said Paul Hanrahan, CEO and co-founder of ACEI. "It is relationships with OPIC and other development institutions that underpin ACEI's strategy to create and grow power companies in high growth markets such as Africa, Asia and Latin America."

"OPIC's participation in this project is a prime example of how we mobilize private capital to support development in Africa and throughout the developing world," said Elizabeth Littlefield, OPIC's President and CEO. "Chronic power shortfalls in Nigeria impede growth and development, and OPIC's support to ACEI will help the Azura-Edo project move forward and contribute to Nigeria's overall energy capacity, which will help foster crucial economic advancement there."

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