Ghana’s $600 million independent power project under way

• 12 years ago (2012-11-24)
• David Flin

Africa 320 North America 1021

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The 340 MW Kpone Independent Power Project at Kpone in Ghana, valued at $600 million, has commenced. The plant, which will use GE frame 9E gas turbines, will operate on both natural gas and liquid fuel to ensure a high level of availability.

The Ghana Ministry of Energy said in a statement that Cenpower Generation Company Limited is undertaking the project. Rand Merchant Bank, a division of First Rand Bank Limited, has been appointed as the mandated lead arranger of the debt funding for the project with support from the Export Credit Insurance Company of South Africa. The statement said that Africa Finance Company (AFC), Infraco Limited, and Cenpower Holding Company Limited (CHL) are shareholders of the project.

A 20-year power purchase agreement was signed between Cenpower Generation and the Electricity Company of Ghana. Group Five of South Africa and Consolidated Power of South Africa are the contractors handling the project.

According to the Ministry of Energy, the project implementation guarantees technology transfer and ensures domestic participation and local content.