Amandi Energy Power plant

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The $552 million financing will be used for the development of a 200 MW combined cycle, dual-fuel power project in Aboadze, in the Western Region of Ghana. Amandi Energy Ltd. is the SPV via which Amandi Energy Power plant will be developed. Sponsors of the projects are Endeavour Energy with equity interest of 51 per cent, Amandi Founder Group with 24.5 per cent, and Aldwych International with 24.5 per cent. This project is the only large scale base-load independent power generation project in sub-Saharan Africa. It will be initially fueled by light crude oil, but is expected to switch to indigenous gas from Ghana’s offshore Sankofa natural gas field once available. Amandi Energy power plant is a greenfield project developed independently by its sponsors. It will produce more than 1,600 gigawatt hours per year, energizing up to one million Ghanaian households. Amandi Energy will sell power to the Electricity Company of Ghana (ECG) under a 25-year Power Purchase Agreement. The total cost of the project is estimated at $552 million and will be funded by a mix of debt (76 per cent) and sponsors' equity contributions (24 per cent). Amandi Energy Ltd. reached financial close on December, 12 2016. Debt funding is provided by DFIs such as OPIC ($250 million) and CDC Group ($83 million). Ned Bank and Rand Merchant Bank provided a commercial tranche of $85 million, split equally between them. The World Bank’s Multilateral Investment Guarantee Agency did not provide political risk cover for the project, so the commercial lenders instead insured their debt with a group of US-based firms led by Talbot Underwriting and Chubb. OPIC then reinsured the commercial debt. https://ijglobal.com/data/transaction/32741/amandi-gas-fired-power-plant-200mw http://endeavor-energy.com/latest_news/amandi-energy-achieves-financial-close-of-552-million-for-ghanas-amandi-energy-power-plant-and-begins-construction/ http://www.amandi-energy.com/pages/power_plant_overview