The Project is being developed by Azura Power West Africa Limited (“Azura” or “the Company”) whose lead Sponsor and initial developer is Amaya Capital (“Amaya”). Amaya''s co-developers and prospective shareholders include: Aldwych International (“Aldwych”) as Amaya’s technical partner, as well as the African Infrastructure Investment Fund 2 (“AIIF2”), and Asset and Resource Management Ltd (“ARM”). In addition, the Edo State Government will receive a 2.5% equity holding in return for the provision of the land and necessary road infrastructure (and it also has an option to purchase, in cash, an additional 7.5%).

The Company is incorporated as a Nigerian SPV with the sole purpose of developing the Project. Further details regarding the Sponsor group are as follows:

Amaya Capital – A London based principal investment firm focused on developing projects in the energy and consumer sectors in West Africa.

Africa Infrastructure Investment Fund 2 (IFC Investee) – An Africa focused infrastructure fund managed by Macquarie and Old Mutual with a total fund size of about US$500 million.

Asset and Resource Management Limited – A Lagos based asset manager with over US$2 billion in total assets and active in real estate, infrastructure and private equity investments.

Aldwych International – Established in 2004 essentially to focus on power project development in Africa, Aldwych International Ltd. is a wholly owned subsidiary of Aldwych Holdings Ltd whose shareholders include the Pan African Infrastructure Development Fund (PAIDF), FMO and the Emerging Africa Infrastructure Fund.

The total project cost is estimated at US$[654] million. The debt tranche of approximately US$[467] million is to be funded with a combination of a concessional loan from the FGN, senior loans from DFIs and commercial debt supported through ECA (Hermes), MIGA and/or PRG.

IFC is planning to provide a senior loan (A Loan for IFC’s own account) of up to US$125 million and to mobilize a DFI debt tranche as a co-Mandated Lead Arranger with FMO.

155.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	155.0
Equity

* These investment figures are indicative

The Project is located to the north-east of Benin City, adjacent to an existing 450 MW state-owned thermal power plant (Ihovbor) and will benefit from proximity to: (i) the Escravos Lagos Pipeline System (“ELPS”), a 1 billion scfd gas trunk line currently being expanded to double its capacity; (ii) the existing Benin Main Substation and the new Benin North Substation (currently being built); and (iii) the largest and most critical node in the country’s transmission network. The Project also comprises the construction of a short high voltage connection line (c. 500 m) to the adjacent Benin North Substation, and a short pipeline spur (c. 1km) connecting the power plant to the ELPS.

The site is just outside the limits of a built up area and off the Benin bypass road. It mainly consists of secondary forest, subsistence farming (slash and burn practices), plantation (palm oil, rubber), and dwellings and footpaths.

The Project is expected to have the following development impact:
- Demonstration effect: supporting a pioneering IPP under the umbrella on-going sector reforms in Nigeria. This is expected to set a precedent for future IPPs not only the country but the region;
- Access to energy: the project will help avert load-shedding in a country where only 20% of the electricity demand is estimated to be satisfied by the grid;
- Reduction in reliance on diesel generators: private enterprises are currently suffering from expensive and environmentally unfriendly diesel generators;
- Reduction in electricity costs: gas offers a lower cost option to power the country;
- Viability of the gas sector: the Project will contribute to supporting gas producers, ensuring maximum utilization of gas to fuel power generation and reducing of gas flaring in the country.
- Economic and Fiscal benefits: the country will also benefit from taxes from the Project and from the increased economic activity brought about by additional power supply.

IFC will specifically contribute to:
- Setting a standard for future IPP''s in the country and elsewhere in the region;
- Ensuring the structuring of a balanced and bankable project;
- Engaging with the Federal Government of Nigeria, the regulator, and other key stakeholders (along with other members of the World Bank Group) to contribute to ensuring sustainable sector reforms;
- Raising sufficient debt financing with the appropriate tenor required for the project to be viable;
- Sending a message of project bankability to the international finance community;
- Ensuring adequate environmental and social standards are adhered to.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Organizational capacity and Management Programs(%)	Organizational capacity and Management Programs(%)		Not Available	Not Available	Not Available
Stakeholder Engagement(%)	Stakeholder Engagement(%)		Not Available	Not Available	Not Available
Occupational Health and Safety(%)	Occupational Health and Safety(%)		Not Available	Not Available	Not Available
Compensation and resettlement(%)	Compensation and resettlement(%)		Not Available	Not Available	Not Available
Direct Employment (#) - Operations and Maintenance	Employment (#)		Not Available	Not Available	Not Available
Female Direct Employment (#) - Operations and Maintenance	Female Employment (#)		Not Available	Not Available	Not Available
Temporary Employment (#)	Employment (#)		Not Available	Not Available	Not Available
Female Temporary Employment (#)	Female Employment (#)		Not Available	Not Available	Not Available

This is a category A Project owing to the following potentially significant impacts: air quality (pollutant and greenhouse gas emissions), physical and economic displacement involving three communities, cultural heritage, and construction worker influx and health and safety impacts.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.