Dutch development bank FMO is to provide $40 million for the 450 MW gas-fired Azura-Edo independent power project in Nigeria, a source close to the bank told Trade Finance.
Total investment for the project is around $1 billion.
Financial institutions involved in the project include five commercial banks and three DFIs. The project is also benefiting from political risk insurance for equity and commercial debt from MIGA.
The Azura-Edo IPP comprises a 450MW open cycle gas turbine power station involving a short transmission line connecting the power plant to a local substation and a short underground gas pipeline connecting the power plant to the countrys main gas-supply.