SENEGAL – Actis, a leading investor in growth markets has through its subsidiary Azura entered into an energy deal in Senegal.
The deal involves the acquisition of the 115MW Tobene Power plant in Senegal, which was part of the Melec Power Gen (“MPG”) portfolio.
The plant will now form part of Azura Power’s pan-African power generation platform and will also bring together Actis, and Africa50.
Actis and Africa50 during the announcement of the partnership to revamp operations at Tobene said that they are committed to work with stakeholders to complete the conversion of the plant, to be fuelled by gas.
Azura Power, together with Africa50, also revealed that they will also invest in the remaining assets in the MPG portfolio over time; and Africa50 is expected to invest in future projects undertaken by Azura Power.
Azura Power’s CEO, Alan Muir, commented “We are delighted to be making this investment in the Tobene Power Plant to help drive our growth in thermal power plants in Africa.”
A key part of the investment strategy, Azura is to convert the Tobene plant from HFO to gas, in line with Senegal’s Emerging Senegal Plan (PSE) to drive down the cost of power as well as improve the environmental impact of the plant”.
Raza Hasnani, Head of Infrastructure Investments at Africa50 commented “We are very excited to make this investment in Senegal’s power sector.”
“It underlines our strong commitment to Senegal’s progress, and we believe that our platform is well-positioned to drive the conversion of the plant to gas.”
Azura Power (“Azura”) is a developer, financier, acquirer and operator of Independent Power Plants (“IPPs”) across Africa.
Azura’s has an ambition to build the continent’s leading power generation platform and has a strong presence in West Africa where it is the founder and majority owner of Nigeria’s first privately financed IPP project, a 461MW IPP that is now operating near Benin City in Edo State.
