Nigeria’s Azura-Edo gas power project reaches financial close

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After a long and complex gestation with frequent setbacks, the $900m, 450MW Azura-Edo gas power project finally reached financial close on 28 December. Azura Power West Africa managing director and Amaya Capital director David Ladipo told African Energy the first debt drawdown had taken place on 29 December with notice to proceed issued to engineering, procurement and construction contractors Siemens and Julius Berger the following day.

The project template – from the commercially competitive gas supply agreement with Seplat to World Bank guarantees and private sector led development – is being seen as a model for independent gas-fired power projects in Nigeria (AE 290/1).

Read the full article on the African Energy website

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