Abu Dhabi's 2PointZero to Acquire Majority Stake in Pan-African Power Producer Azura Power
Two Point Zero Group (ADX:2POINTZERO), or 2PointZero, is expanding in the African power generation market by acquiring a majority stake in pan-African independent power producer Azura Power Holdings.The Abu Dhabi-listed investment company disclosed Monday that its ePointZero unit agreed to acquire a 90% stake in Azura Power. Under the terms of the transaction, ePointZero will form an acquisition vehicle with Amaya Capital that will then acquire the ownership stakes of Actis and Africa50 in the target company.Amaya Capital, Azura Power's founding partner, will retain a 10% minority stake. Completion of the transaction is subject to regulatory and closing conditions."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. We are acquiring a business built on nearly a decade of disciplined execution, with significant opportunity to support its continued growth as demand for reliable power infrastructure across the continent accelerates, ePointZero Chief Executive Mohamed Hesham said.Azura Power currently operates 752 megawatts of operational capacity in Nigeria, Senegal and Mozambique. It also has a development pipeline of over 1.5 gigawatts of gas, renewable and battery energy storage system projects across the continent.Shares of 2PointZero were marginally lower during midday trading in Abu Dhabi.
