The Azura-Edo Independent Power Plant (“Azura”) has acted as the trailblazer project in Nigeria, lighting the path for future projects to follow. Azura is a 450 MW gas-fired, open-cycle power plant located in the north-eastern outskirts of Benin City in Edo State, Nigeria. When operations commence in 2019, it is estimated that Azura will account for almost 5% of Nigeria’s total projected generation capacity, providing power to > c.8 million Nigerians.

As the first project-financed IPP in Nigeria in almost two decades, substantial effort went into creating an optimal allocation of risk between the various contracting parties resulting in a bankable project structure (along with the associated project documents), which has become the template for future transactions in the sector.

Fieldstone assisted the company with reviewing and editing information memoranda and due diligence materials as required. We reviewed the lenders' financial model and fully developed, maintained and ran the equity model as well as providing required analysis We also evaluated debt financing offers and assisted and advised on the development and negotiation of key project agreements.

Ultimately, 15 private and public sources were involved in the project financing. Fieldstone assisted with the review and assessment of due diligence materials provided by the lenders' advisors and with the equity re-tender process.