A UAE-based energy firm, ePointZero, has announced its decision to acquire a 90 per cent stake in Azura Power Holdings, a major African independent power producer, marking a significant entry into the continent’s power generation market.
ePointZero is a global energy infrastructure platform and subsidiary of the 2PointZero Group.
The company made this known in a statement on Monday, August 31, saying it is acquiring the stakes held by two of Azura’s existing shareholders, Actis and Africa50.
The transaction is being executed through an acquisition vehicle established in partnership with Amaya Capital, Azura’s founding partner, which will retain a 10 per cent minority stake in the company.
The value of the deal has not been publicly disclosed, and its completion is subject to obtaining approvals from relevant regulatory authorities.
Azura Power is a pan-African independent power producer with a significant operational footprint and an ambitious development pipeline. The energy firm has over 750MW operational capacity and supplies approximately 10 per cent of the total grid baseload power in its core markets of Nigeria, Senegal, and Mozambique.
According to the statement, the acquisition is expected to bring a project development pipeline exceeding 1.5 gigawatts (GW), which has the potential to more than double the platform’s active generation footprint in the coming years through gas and renewable expansion projects.
The transaction underscores growing interest from private capital in Sub-Saharan Africa, where electricity demand is projected to nearly double by 2040, driven by urbanization and rapid industrialization, despite current access rates remaining around 55 per cent.
Commenting on the acquisition, Zayed Al Nahyan, Chairman of 2PointZero, emphasised the strategic importance of the regional market.
“Reliable power is fundamental to economic growth, industrial development and long-term prosperity,” Sheikh Zayed said.
“This investment through ePointZero reflects our commitment to deploying long-term capital into critical infrastructure that can support that growth in key markets across Africa.”
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Mariam Almheiri, Vice Chair and Managing Director of 2PointZero, noted that the deal aligns with the company’s focus on regions where long-term opportunity and energy demand intersect.
Highlighting the strategic importance of the acquisition for operational integration, Mohamed Hesham, CEO of ePointZero, stated: “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.”
Hesham added that together with other investments, including in Elsewedy Electric, which has an established industrial and EPC presence across Africa, “the acquisition of Azura Power deepens ePointZero’s capabilities in energy and infrastructure.”
Azura Power Group CEO Dave Peacock described the investment as a significant endorsement of the IPP’s decade-long growth and operational performance across the continent.
Azura Power’s projects have historically been backed by major multilateral lenders and development finance institutions, including the IFC, World Bank, FMO, DEG, BII, DFC, Proparco, and MIGA.
Company leadership confirmed that alongside its capacity expansion, Azura Power will maintain its social-impact program, ‘Power to Change,’ to support host communities across its operational footprint.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X