A Nigerian electricity producer is in the process of raising finance for a $700m independent power plant at Benin City in Nigeria.

Azure Power West Africa plans to raise 70 per cent of the finance due local and international markets.

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Chief Executive Officer David Ladipo told Bloomberg, “We expect to close the financing by the end of the year, do the ground-breaking and start construction.”

The 450 MW Azura-Edo Independent Power Plant will be built by Siemens (NYSE: SI) and Julius Berger Nigeria Plc (JBERGER), the country’s biggest construction company.

Nigeria has an existing capacity of 4,000 MW which is only capable of meeting half the existing demand, with frequent power cuts an unhappy by-product.

Construction will be completed in three years and the plant will “have good access to gas and a good ability to evacuate the power as well,” according to the Azure chief.

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