ePointZero, an Abu Dhabi-based energy infrastructure platform, has agreed to acquire a 90 percent stake in Azura Power Holdings Ltd., one of Africa’s largest independent power producers, in a deal that deepens the Gulf emirate’s push into the continent’s energy market.
The transaction will see ePointZero, a subsidiary of the Abu Dhabi-listed 2PointZero Group, buy out the respective holdings of private equity firm Actis and pan-African infrastructure investor Africa50 through a jointly established acquisition vehicle with Amaya Capital. Amaya, which founded Azura Power in 2010, will retain a 10 percent stake in the business.
Nigeria Ties
The transaction lands against the backdrop of warming economic ties between Abu Dhabi and Nigeria, where Azura’s flagship 461-megawatt Azura-Edo plant is located.
The two countries signed a Comprehensive Economic Partnership Agreement in January, witnessed by President Bola Tinubu and Sheikh Mohamed bin Zayed Al Nahyan, that pointed to prospective Gulf investment flows into Nigerian energy, power-grid expansion, logistics and digital infrastructure.
Edu Okeke, CEO of the Azura-Edo plant, said Tinubu had made courting Gulf investment a priority since taking office in 2023.
“President Tinubu is a man who knows which way the trade winds are blowing,” Okeke said, pointing to the president’s repeated visits to the UAE.
The acquisition also arrives as Nigeria pursues its Mission 300 initiative, a World Bank-backed effort aimed at expanding electricity access across the country, putting pressure on power producers to scale up investment and execution.
H.E. Mariam Almheiri, vice chair and managing director of 2PointZero, said the Azura deal reflected the group’s approach to building durable, long-term platforms.
“As ePointZero continues to expand its global energy platform, the acquisition of Azura Power strengthens our presence in a region where energy demand, economic growth, and long-term opportunity are closely aligned,” she said.
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African ties
Azura Power operates more than 750 megawatts of generating capacity across three gas-fired plants in Nigeria, Senegal and Mozambique, supplying roughly a tenth of each country’s grid baseload power.
The company also holds a development pipeline exceeding 1.5 gigawatts of gas, renewable and battery storage projects, which could more than double its operating footprint in the coming years. The deal is subject to customary regulatory approvals.
“Reliable power is fundamental to economic growth, industrial development and long-term prosperity,” Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, chairman of 2PointZero, said in a statement. “This investment through ePointZero reflects our commitment to deploying long-term capital into critical infrastructure that can support that growth in key markets across Africa.”
The acquisition marks 2PointZero’s second African energy investment, following an earlier stake in Egypt’s Elsewedy Electric, and its first push into pan-African power generation. It also extends a broader pattern of Gulf capital moving into African infrastructure as investors from the Middle East look to diversify beyond hydrocarbons and deepen commercial ties with fast-growing emerging markets.
“Azura Power brings together many of the qualities we look for in an energy platform: critical operating assets, an experienced management team and a strong position in markets with significant long-term power needs,” said Mohamed Hesham, chief executive officer of ePointZero.
He added that the deal, paired with the Elsewedy investment, “deepens ePointZero’s capabilities in energy and infrastructure” across the continent.
Dave Peacock, Azura Power’s group CEO, called the transaction “a significant milestone” for a company built over roughly a decade of operations.
“With ePointZero now joining Amaya, Azura is well positioned to build on its strong foundations, broaden its opportunity set and accelerate its growth across Africa’s energy sector,” he said.
Africa’s power gap
The deal comes as Africa’s power sector draws growing attention from global investors. Electricity demand across the continent is projected to nearly double by 2040, even as roughly 55 percent of the population in Sub-Saharan Africa still lacks access to electricity, according to World Bank estimates, a gap that underscores both the scale of the infrastructure shortfall and the scope for private capital to fill it.
Azura Power’s assets have drawn backing over the years from a roster of development finance institutions, including the World Bank, the U.K.’s British International Investment, Germany’s DEG, the U.S. International Development Finance Corp., the Dutch entity FMO, the International Finance Corp., the Multilateral Investment Guarantee Agency and France’s Proparco. The company also runs Power to Change, a social-impact program tied to its operations in host communities.
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