Financial close of Ghana’s Cenpower scheme boosts West Africa gas prospects

Issue 287 - 25 Oct 2014
Cenpower Generation Company Limited announced the financial close of $900m of project finance for the Kpone independent power plant (IPP) at Tema on 3 October. The 350MW combined cycle gas turbine plant is due on stream in 2017 and will be energy-hungry Ghana’s largest private power scheme, accounting for some 10% of total installed capacity and 20% of available thermal generation capacity. Dutch development agency FMO contributed $200m, the rest was private equity and debt, including $425m of commercial debt raised by Rand Merchant Bank with South African export credit agency backing.

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