Abu Dhabi's ePointZero Expands African Footprint with Major Stake in Azura Power

A unit of Abu Dhabi's 2PointZero Group is acquiring a controlling stake in African power generation company Azura as part of its ongoing expansion into global specialised energy infrastructure assets. Through its wholly owned subsidiary ePointZero, the investment holding company will secure a 90 per cent stake in Azura Power Holding, granting it access to key energy markets across Africa, according to a statement filed with the Abu Dhabi Securities Exchange.

Under the agreement, ePointZero is partnering with Amaya Capital to form an acquisition vehicle that will purchase the ownership stakes currently held by Actis and Africa50. Meanwhile, Amaya Capital, serving as Azura Power’s founding partner, will maintain a 10 per cent minority interest. The completion of this transaction remains contingent upon regulatory approvals and customary closing conditions.

“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,” stated 2PointZero managing director Mariam Almheiri. This investment underscores the rapid market growth in Africa, where urbanisation, industrial development, and population growth are fueling the demand for new generation capacity. World Bank data indicates that electricity demand across the continent is projected to nearly double by 2040, while electricity access in Sub-Saharan Africa remains at approximately 55 per cent.

Azura stands as a prominent independent power producer in Africa, boasting expertise in the gas sector and energy project development. The company currently holds 752 megawatts of operational capacity distributed across three nations: Nigeria, Senegal, and Mozambique, supplying about 10 per cent of the grid baseload power in each. Its operational assets include the 461MW Azura-Edo facility in Nigeria, the 116MW Tobene plant in Senegal, and the 175MW CTRG unit in Mozambique, all supported by long-term power purchase agreements.

In addition to its current operations, Azura maintains an active development pipeline exceeding 1.5GW, encompassing gas, renewable, and battery energy storage system projects across the continent. This pipeline has the potential to more than triple the company's operational capacity in the near future.

Headquartered in Abu Dhabi, ePointZero focuses on global investments in specialised energy infrastructure, including power generation, pipelines, and energy storage assets. The firm previously acquired US natural gas firm Traverse Midstream Partners for $2.25 billion in July, securing entry into the North American market through all-cash minority interests in the Rover Pipeline and Ohio River System.