American Capital Energy & Infrastructure Commits $130M to Nigerian Power Sector

The infrastructure arm of publicly traded private equity firm American Capital has committed to invest up to $130 million in an African power project developer, Azura Power Holdings Ltd.

Through its American Capital Energy & Infrastructure subsidiary, American Capital will invest the cash to help finance Nigeria's first new power plant built under the nation's privatization plan, enacted by Nigerian President Goodluck Jonathan.

"This is the first project that's coming on under this program to provide additional capacity to the new privatized electricity sector," said American Capital Energy & Infrastructure co-founder and chief executive, Paul Hanrahan.

The construction of Azura Power's planned 450 megawatt Azura-Edo power project in Edo State, Nigeria, is the first phase in the development of a roughly $1.4 billion, 1,000 megawatt power facility, Mr. Hanrahan.

With its investment, the U.S. investor will take a stake alongside Azura's initial investor, Amaya Capital Partners.

Azura has reached a power purchase agreement with the Nigerian Bulk Electricity Trading PLC, Nigeria's national power trading company, which was created as part of the government's plan to privatize the power industry in Nigeria.

Investors expect financing for the first phase of the power project to close in 2014 and that the plant will begin producing power by 2016 or 2017, according to a statement.

Annapolis, Md.-based American Capital Energy & Infrastructure is making the investment as part of its commitment to Power Africa, an initiative launched by President Barack Obama to support growth and development in Africa by increasing access to electrical power.

In the next four years, the power and infrastructure investment firm said it could invest as much as $800 million in sub-Saharan Africa.

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