11 December 2012 – Ghana’s ministry of Energy says that the 340 MW Kpone independent power project (IPP) has gotten the green light. The project will cost US$600 million.
The power plant will use GE frame 9E gas turbines and operate on both natural gas and liquid fuel to ensure high and continuous power supply.Cenpower Generation Company, a Ghanaian group is undertaking the project, and it has signed a 20 year power purchase agreement with the Electricity Company of Ghana.
Rand Merchant Bank 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 under the department of trade and industry.Africa Finance Company (AFC), Infraco and Cenpower Holding Company (CHL) are shareholders of the project.
The 76% ownership by AFC and CHL makes the power plant one of the largest African private sector owned power projects. Group Five of South Africa is one of the contractors appointed to build the project.