Nigeria: Govt Signs U.S.$237 Million World Bank Electricity Deal

24 August 2015

Abuja — TO underscore commitment to the on going reform in the power sector, the Federal Government yesterday announced that it has completed the signing of the World Bank Partial Risk Guarantees (PRGs) in support of the 450 megawatts Azura-Edo Independent Power Plant (IPP).

The deal was concluded on Friday, August 21, 2015. Parties to the agreement included the Federal Government represented by the Ministry of Finance and Nigerian Bulk Electricity Trading Plc (NBET); the World Bank in its role as the provider of the guarantees; the project sponsors represented by Azura Power West Africa Ltd (Azura); and various lenders represented by JP Morgan, Standard Chartered Bank, Rand Merchant Bank, Standard Bank; and Siemens Bank.

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