A 459 MW independent power project (IPP) in Nigeria has achieved financial close.

The Azura-Edo IPP is an open-cycle gas turbine project and is part of a 1500 MW facility being developed near Benin City, Edo State.

Financial close was achieved when the World Bank confirmed that its Multilateral Investment Guarantee Agency (MIGA) would support the project. MIGA’s guarantee for the IPP is $492 million and will cover equity investments Amaya Capital Ltd, American Capital Energy and Infrastructure, Aldwych Azura Limited, the African Infrastructure Investment Fund 2 Power Holding, and Asset and Resource Management Ltd.

The MIGA is also covering commercial lending by Siemens Bank, KfW IPEX, Rand Merchant Bank (RMB), and Standard Bank-with Standard Chartered Bank acting as agent on behalf of the lenders.

The Azura IPP is the first wholly project-financed IPP in Nigeria and will cost $900 million to construct.