Azura Power

What Azura Power does

Azura Power is a London-headquartered Independent Power Producer (IPP) operating gas-fired and solar generation assets in sub-Saharan Africa. The company develops, finances, owns, and operates utility-scale power plants that supply balancing, baseload, and ancillary services (frequency response, black start) to national grids in Nigeria, Senegal, and Mozambique. Its operational portfolio totals 752MW across three core assets: the 461MW Azura-Edo IPP in Nigeria, the 116MW Tobene Power plant in Senegal (both Open Cycle Gas Turbine), and the 175MW CTRG gas-fired project in Mozambique, with several plants designed for later conversion to combined-cycle operation to improve efficiency and reduce emissions.

The company's technology platform centers on OCGT gas turbines sited near indigenous gas resources (Mozambique's Pande/Temane fields via ROMPCO pipeline) and is supplemented by a 100MW solar project under development (Azura-Nova) in Nigeria. Azura signed US$876–890 million of project financing for Azura-Edo and has since attracted repeat institutional capital from Actis, Africa50, and Amaya Capital to fund acquisitions (Tobene 2019, CTRG 2022) and a development pipeline of 1,372MW across new geographies, combined-cycle expansions, solar, and C&I direct sales.

Azura's business model is enterprise B2B under long-term Power Purchase Agreements with national governments and their utilities (Nigerian, Senegalese, Mozambican grids), with revenue derived from contracted capacity payments plus energy payments. The company is also developing a Commercial & Industrial channel targeting large industrial customers in Nigeria seeking to bypass unstable grid supply. Pricing is negotiated contractually and not publicly disclosed. The company is privately held and is led by a new CEO (Dave Peacock, appointed January 2025) operating from offices in London, Abuja, Dakar, Cape Town, Port Louis, and Dbayeh.

Name

Azura Power

Legal name

Azura Power

Website

https://azurapower.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Azura Power is a London-headquartered Independent Power Producer that develops, finances, and operates gas-fired and solar power plants supplying balancing, baseload, and ancillary grid services to national governments and utilities in Nigeria, Senegal, and Mozambique under long-term offtake agreements.

Ownership category

akta.pro rank

Product category

Independent Power Generation

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111), Solar Electric Power Generation (221114)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

akta.pro secondary industries

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA), Gas-Fired Power Plant O&M and Life-Extension/Repowering Services (EUACABAJ)

Keywords

• Independent power production
• Gas-fired power generation
• Grid balancing services
• Power purchase agreements
• Solar power generation

Headquarters

HQ city

Cape Town

HQ country

South Africa

HQ region

Africa

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D

Revenue model

1. Power Generation & Sale: Long-term offtake agreements with national governments and utilities. Revenue derived from capacity payments (for availability) and energy payments (for electricity generated). Plants provide baseload and balancing power to national grids.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Azura Power is an Independent Power Producer (IPP) that develops, finances, owns, and operates gas-fired and solar power generation plants in Africa, supplying balancing power, baseload electricity, and grid ancillary services (frequency response, black start) to national grids in Nigeria, Senegal, and Mozambique under long-term offtake agreements. It also develops Commercial & Industrial (C&I) power solutions for large industrial users in Nigeria.

Product overview

Azura Power is an energy generation company operating a portfolio of gas-fired and solar power plants across Africa. The company operates three core assets: the 461MW Azura-Edo IPP (Nigeria), 116MW Tobene Power (Senegal), and 175MW CTRG (Mozambique), with a total operational capacity of 752MW. The portfolio includes development-stage projects including the Edo Phase 2 combined-cycle expansion (275MW), Azura-Nova solar plant (100MW in Katsina State), Tobene gas conversion, Nacala combined-cycle project (200MW), and Chokwe gas IPP (100MW) in Mozambique, plus over 200MW of C&I opportunities in Nigeria. Total development pipeline exceeds 1,372MW. The company provides balancing power to national grids with ancillary services including frequency response and black start capabilities, supporting renewable energy integration and industrial growth.

Differentiator

Problem solved

Functional benefit

Brands

• Power to Change: Social impact initiative focused on sustainable livelihood, health and education programs in host communities
• Azura-Nova

Products and services

• Azura-Edo IPP 461MW Open Cycle Gas Turbine (OCGT) power station near Benin City in Edo State, Nigeria, supplying approximately one-tenth of Nigeria's grid electricity under a long-term offtake to the national grid.
• Tobene Power 116MW thermal power plant in Senegal, one of the most efficient plants on the Senegalese grid, providing approximately 10% of Senegal's electricity generation under long-term offtake to the national grid.
• CTRG Mozambique 175MW gas-fired power project in Mozambique, fueled by gas from the Pande and Temane onshore fields via the ROMPCO pipeline, supplying power to Maputo.
• Azura-Nova Solar Plant 100MW utility-scale solar PV power plant under development in Katsina State, Nigeria, designed to add renewable capacity to Azura's portfolio.
• Edo Phase 2 Combined-Cycle Expansion 275MW combined-cycle gas-fired expansion designed to convert and extend the existing Azura-Edo OCGT plant, improving efficiency and reducing emissions.
• Tobene Gas Conversion Planned conversion of the existing Tobene Power plant to natural-gas-fired operation, aligned with Senegal's gas infrastructure build-out and offering potential plant expansion.
• Nacala Combined-Cycle Gas Project 200MW first-phase combined-cycle gas-fired power project in Nacala, Mozambique, being developed with a local partner to add Mozambican capacity to the grid.
• Chokwe Gas IPP 100MW gas IPP project in Chokwe, Mozambique, being developed to expand the group's Mozambican generation footprint.
• Commercial & Industrial (C&I) Power Solutions — Nigeria Dedicated, grid-independent power supply offerings for large Commercial & Industrial users in Nigeria, designed to displace diesel self-generation with over 200MW of opportunities in active development.

Quantifiable outcome

• Supplies 10% of Nigeria's grid electricity
• +4 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• CTRG MozambiquecoreStrategic or Co-development Partner · 3 May 2022Acquired 175MW CTRG gas-fired project in Mozambique in May 2022. Project began generating power in 2015, fueled by gas from Pande and Temane onshore fields via ROMPCO pipeline. Key supplier of power to capital Maputo.
• The Tulsi Chanrai Foundation (TCF)supportingStrategic or Co-development PartnerAzura Edo supports TCF to reduce avoidable blindness in Nigeria by providing high quality free eye surgery for the rural poor. Azura has sponsored 1,000 free eye surgeries with over 700 already performed.
• UN WomensupportingStrategic or Co-development PartnerAzura Power joined Women Empowerment Principles in 2020 to align operations with global collective impact of business and Sustainable Development Goals. Partnered with UN Women through Tobene Power for women's livelihood programs including soap-making training.
• Government of SenegalcoreStrategic or Co-development PartnerSuccessful partnership through Plan Senegal Emergent for Tobene Power project (116MW, ~10% of national electricity). Demonstrates commitment to IPP-led approach for increased generation capacity and Senegal's strong governance and institutional capacity.
• ROMPCO (Republic of Mozambique Pipeline Company)supportingStrategic or Co-development PartnerCTRG project is fueled by gas from Pande and Temane onshore fields delivered via ROMPCO pipeline, establishing natural gas infrastructure critical to Mozambique power sector.

Scale indicators6 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Globeleq: Pan-African independent power producer backed by British International Investment, operating thermal and renewable plants across Africa. Directly comparable to Azura as a multi-country African IPP with utility-scale generation and government offtake agreements.
• Cenpower Generation: Ghana-based IPP operating a ~350MW combined-cycle gas-fired plant under a long-term PPA with the national utility (ECG). Closely comparable business model of utility-scale gas-fired generation with government offtake in West Africa.
• Karpowership: Turkey-based floating power plant operator supplying multi-hundred-MW powerships to African national utilities under long-term PPAs. Comparable in delivering large-scale thermal capacity under government PPAs to grid-constrained African markets.
• Scatec ASA: Norwegian renewable IPP with significant African operations, developing, owning and operating solar and wind plants under PPAs with national utilities. Comparable to Azura's IPP utility-scale development model and African footprint.
• Lekela Power: Africa-focused renewable IPP backed by Actis and Mainstream, operating wind and solar under long-term PPAs. Highly relevant given overlap with Azura's key investor Actis and similar utility-scale project development model in Africa.
• PowerGen Renewable Energy: Pan-African distributed and utility-scale renewable IPP focused on East and West Africa. Comparable geographic footprint and GTM targeting African utilities and C&I customers seeking to displace diesel generation.
• Endeavor Energy (formerly APR Energy): Global IPP supplying utility-scale thermal (gas and HFO) generation under medium-term PPAs to grid operators, with material presence in Africa. Comparable in providing fast-deploy thermal capacity and balancing services to African national grids.

Broad incumbents

• AES Corporation: Global independent power producer with significant African operations including gas and renewables. Comparable as a scaled IPP competing in similar African gas-to-power markets, though operating as a much larger diversified utility.
• TotalEnergies: Global integrated energy major with significant gas exploration and LNG operations in Mozambique and gas-to-power interests across Africa. Relevant as both a potential competitor in African IPP development and an upstream gas supplier.

Others

• Sasol: Integrated energy and chemicals company operating upstream gas production in Mozambique (Pande/Temane fields feeding the ROMPCO pipeline that supplies CTRG). Highly relevant as a counterparty/enabler to Azura's Mozambique operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/azurapower
• YouTubeyoutube.com/channel/UCz8Z-lKdJZdFfEhQ6eWQ0ig
• Facebookfacebook.com/azurapower
• LinkedInlinkedin.com/company/azura-power

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Azura Power