Azura Power Invests In Tobene Power In Senegal, Brings Together Actis, Azura’s Majority Shareholder, With Africa50

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

List of latest Ponzi schemes in Nigeria

These are the latest and past Ponzi scams and shady investment products that Nigerians are putting their monies into. What...

The 115MW Tobene Power plant in Senegal, which was part of the Melec Power Gen (“MPG”) portfolio now forms part of Azura Power’s pan-African power generation platform. The new investment in Tobene also brings together Actis, Azura Power’s majority shareholder, with Africa50.

Actis and Africa50 are committed to working with stakeholders to complete the conversion of the plant, to be fuelled by gas. Azura Power, together with Africa50, will also invest in the remaining assets in the MPG portfolio over time; and Africa50 is also 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 for Azura is to convert the Tobene plant from HFO to gas, as part of Senegal’s Emerging Senegal Plan (PSE), in order to drive down the cost of power as well as improve the environmental impact of the plant”.

Adrian Mucalov, Partner at Actis, commented “We have invested over US$1billion across Africa in the electricity sector and we are deeply committed to the continent. We take our responsibility to the countries, cities and communities in which we operate extremely seriously and we are excited to be investing in a business that will directly contribute to the economic growth of Senegal.”

- Advertisement -

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.”

- Advertisement -
Azura Power Invests In Tobene Power In Senegal, Brings Together Actis, Azura’s Majority Shareholder, With Africa50Azura Power Invests In Tobene Power In Senegal, Brings Together Actis, Azura’s Majority Shareholder, With Africa50

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

Read Also:  UBA Plc unaudited Q3 ended Sept. 30th, 2017: Gross earnings & Net Income Grew by 25.8% and 23.04% respectively in Q3 ’17.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Azura Power Invests In Tobene Power In Senegal, Brings Together Actis, Azura’s Majority Shareholder, With Africa50Azura Power Invests In Tobene Power In Senegal, Brings Together Actis, Azura’s Majority Shareholder, With Africa50

Latest News

Nigeria H2’20 Outlook – The viral shock

The year 2020 has been a struggle. A global pandemic is in full swing and is poised to upend...

BUA Group to set up 3 million Metric-ton Cement Company, 50MW Power Plant in Adamawa

The Bua Group announced that it is set to establish a three million metric tonnes cement plant and 50 megawatts power plant in Guyuk...

Economic Slowdown – Quick Response But No Quick Fix (LBS Executive Breakfast Session – July 2020)

Nigerian manufacturers are mostly anxious about two things today: How long will the pandemic lockdown continue before demand for my products recover? (X) - Unknown When will...

Equities Market: Lagos Bourse Plunges by 1.98% amid Sell-Offs

In the just concluded week, the domestic equities market closed in red amid renewed selloffs as investors took profit on stocks such as GLAXOSMITH,...

Naira Gains Against USD at I&E FXW Despite Dwindling External Reserves

In the just concluded week, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.09% to close at...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Azura Power Invests In Tobene Power In Senegal, Brings Together Actis, Azura’s Majority Shareholder, With Africa50Azura Power Invests In Tobene Power In Senegal, Brings Together Actis, Azura’s Majority Shareholder, With Africa50