Nigerian billionaire Phillip Ihenacho is set to sell a majority stake in Azura Power after Abu Dhabi-based energy infrastructure investor ePointZero agreed to acquire 90 per cent of the pan-African power company.
The transaction, announced on Monday, August 31, 2026, will give ePointZero control of Azura Power, which operates power-generation facilities across Nigeria, Senegal and Mozambique. The financial value of the transaction was not disclosed.
Azura Power has an operating generation capacity of approximately 752 megawatts across three major power plants. Its largest facility is the 461MW Azura-Edo Independent Power Plant near Benin City in Edo State, Nigeria.
The company also operates the 116MW Tobene power plant in Senegal and the 175MW Central Térmica de Ressano Garcia (CTRG) plant in Mozambique. Together, the facilities provide a significant contribution to the electricity supply in the three countries.
Ihenacho founded Azura Power through his investment company, Amaya Capital, in 2010. Amaya Capital will retain a 10 per cent stake in the company following the transaction.
The deal will also see ePointZero acquire the interests currently held by investment firms Actis and Africa50, through an acquisition vehicle established in partnership with Amaya Capital. Completion remains subject to regulatory approvals and other customary closing conditions.
For ePointZero, the acquisition represents its entry into Africa’s power-generation industry. The Abu Dhabi-based company is a subsidiary of 2PointZero Group, an investment group focused on energy and infrastructure.
The company said Azura’s existing operations and experienced management team would provide it with an immediate platform in Africa’s growing electricity market.
Azura Power also has a development pipeline of more than 1.5 gigawatts of projects, including gas-fired power, renewable energy and battery energy-storage projects. If these projects are developed, the company’s operational capacity could more than double.
The acquisition comes as African countries face growing demand for reliable electricity due to population growth, urbanisation and industrial development. Electricity shortages remain a major challenge across many parts of the continent, increasing the need for investment in power generation and infrastructure.
Azura’s largest asset, the Azura-Edo plant, is particularly important to Nigeria’s electricity system. The 461MW gas-fired facility was developed as one of Nigeria’s major privately financed independent power projects.
The company’s other plants in Senegal and Mozambique operate under long-term power purchase agreements, providing relatively predictable demand for the electricity they generate.
The transaction marks a significant change in the ownership of one of Africa’s notable private power platforms. For Ihenacho and Amaya Capital, it represents a transition from majority ownership while maintaining a continuing financial interest in the business.
For ePointZero, the acquisition provides immediate access to operating power assets and a pipeline of future projects across several African markets.
The transaction is expected to proceed once the necessary regulatory approvals and other closing requirements have been completed.
