British International Investment

Azura Power

West AfricaInfrastructure

Azura Power Holdings is an investment holding company for independent power projects (IPPs) in Africa. Its other co-shareholders are African Infrastructure Managers, ARM Life and Aldwych International.

The Azura-Edo IPP is a 450 megawatt (MW) open cycle gas turbine power station being constructed near Benin City in Edo State, Nigeria.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

CDC provided debt finance to support the construction of the Azura-Edo power plant.

Our investment is helping to boost the supply and reliability of power in Nigeria.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Despite having Africa’s largest population, Nigeria has one of the lowest per capita electricity consumption rates in the world. Lack of investment in the former state-owned infrastructure has hampered its development and it is hard for businesses to hook up to the grid. Supply outages are also frequent – the agricultural industry is hit particularly hard, as most irrigation lines are powered by electricity – which seriously inhibits the country’s economic growth.

Our investment in the Azura-Edo project will be the first greenfield power plant in Nigeria since the country’s reform of the power sector in 2013 and will provide a much-needed power supply to local communities and businesses.

Its first turbine was connected to the grid in late 2017, with the plant expected to be fully operational in 2018.

Several companies from a wide range of sectors - steel-making, agro-processing, construction, IT and energy - have explored the feasibility of setting up factories in Edo State since the construction of the plant.

As well as creating direct and indirect jobs, our investment sends a strong signal to other potential investors in the country’s power sector.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    West Africa

    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.


    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.


    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    November 2014
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.


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