Azura-Edo Independent Power Plant Environmental Impact ... - IFC

commensurate sums that will need to be spent on other parts of the value
chain).
The Government has made it clear that it would not be desirable for such
enormous investments to be funded and directed by the Federal Government
(in light of the erratic and inefficient management of capital expenditures by
the State-owned power company over the past two decades). More
importantly, the Nigerian Government recognises that it would not even be
possible for investments on this scale (in a single industry sector) to be made
by the Federal Government.
Hence, the Nigerian Government has stressed, repeatedly, that the requisite
investments in the power sector will only be achievable if the private sector is
incentivised to make these investments.
In this context, the Azura-Edo IPP is regarded as a critical litmus test of the
country’s ability to resuscitate its crippled power sector and (through the
multiplier effects thereof) provide the much-needed employment
opportunities for its large, young and rapidly urbanising citizens.
2.2 AZURA POWER’S COMPANY OBJECTIVES
Azura Power was established in 2010 to address Nigeria’s growing demand
for the provision of electricity across both the domestic and business sectors.
The company’s long-term objective is to build an internationally rivalled, lowcost,
power company through the following strategies:
• The development of greenfield IPPs with the Azura-Edo IPP being the first
such greenfield project;
• Acquisition of Government owned NIPP and/or PHCN power plants
and/or other IPPs;
• Optimising performance of the assets;
• Leveraging the skills and asset base of local and international partners to
identify growth opportunities;
• Working closely with the Federal Government of Nigeria, the Local State
Governments and all relevant regulatory bodies to help deliver the
Government’s power sector reform; and
• Being a good corporate citizen through contributing towards the
development of local communities.
AZURA EDO IPP
2-2
DRAFT EIA REPORT