Amandi Energy says it’s achieved financial close of $552m for Ghana power plant

Ghanaians went to the polls last week to elect a new president, and energy was a big factor in the elections.

Today Amandi Energy says it has reached financial close and begun construction of the $552 million Amandi Energy Power Plant (Amandi Project), a 200 megawatt (MW) combined cycle, dual-fuel power project in Aboadze, Ghana.

“It’s the only large scale base-load independent power generation project in sub-Saharan Africa to achieve financial close to date in 2016,” the company says in a press release copied to ghanabusinessnews.com.

The company indicates that the project will be fully constructed within 28 months and is scheduled to come online in April 2019.

“The plant’s construction will create 400 jobs, most of which will be filled by Ghanaians, and the plant’s operations will employ up to 40 people full time,” it adds.

According to Amandi, the $552 million investment required for the project comprises $134 million in equity from the sponsor group, which includes Endeavor, AFG, Aldwych, Pan African Infrastructure Development Fund 2 managed by Harith General Partners (PAIDF2), and ARM-Harith Infrastructure Fund (ARMHIF), adding that, the $418 million in debt financing is provided by a group of lenders, including the US government’s development finance institution Overseas Private Investment Corporation (OPIC), which will provide a $250 million loan, as well as CDC Group plc, which will provide an $83 million loan, Nedbank Limited and Rand Merchant Bank, it says.

By Emmanuel K. Dogbevi
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