The Multilateral Investment Guarantee Agency, MIGA of the World Bank has offered financial support to Azura-Edo Independent Power Producer (IPP), worth $900m.

According to a statement from the bank, this is part of a larger programme aimed at mobilising nearly US$1.7 billion of private-sector financing to support Nigeria’s energy reform programme.

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“In particular, the World Bank, the International Finance Cooperation (IFC), and MIGA have worked jointly to finance Azura-Edo with a package of guarantees, loans, and political risk insurance,” the statement read.

Azura-Edo is the first wholly project-financed IPP in Nigeria, and consists of the construction, operation, and maintenance of a 459-megawatt, gas-fired, open-cycle power plant in the vicinity of Benin City, Edo State, Nigeria.