Amandi Energy Secures US$552 Million in Financing for Ghana Power Project (Sub-Saharan Africa)
Posted On: 14 Dec 2016 | Source: Endeavor Energy
Amandi Energy, a project development platform backed by Endeavor Energy and Aldwych International, has arranged US$552 million in financing for the construction of a 200 megawatt combined-cycle, dual-fuel power plant in Ghana. Endeavor and Aldwych are in turn backed by energy and infrastructure-focused private equity firms Denham Capital and Harith General Partners, respectively. The financing package includes US$134 million in equity provided by Endeavor, Aldwych, Amandi’s founders, Harith-managed Pan African Infrastructure Development Fund 2 and the ARM-Harith Infrastructure Fund, a joint venture between fund managers Asset & Resource Management Company and Harith. Development finance institutions Overseas Private Investment Corporation (OPIC) and CDC Group, Nedbank and Rand Merchant Bank provided US$418 million in debt financing for the project, with OPIC and CDC committing US$250 million and US$83 million, respectively. Amandi Energy will sell power to the Electricity Company of Ghana under a 25-year power purchase agreement.