The consortium behind project sponsor Amandi Energy has announced that it has reached financial close on a US$552 million investment in an energy plant in Ghana, the first large-scale base load power project to close this year in sub-Saharan Africa.
The investment comprises US$418 million of debt financing which includes a US$250 million loan from the US government’s development finance institution (DFI), the Overseas Private Investment Corporation (OPIC), a US$83 million loan from the UK’s DFI, CDC Group, and an US$85 million commercial bank facility split between Nedbank Limited and Rand Merchant Bank.
The loan from CDC is its largest debt commitment in Africa to date.
The financing package also includes US$134 million in equity from the consortium which founded Amandi Energy, which includes power companies Endeavour Energy and Aldwych International.
Investment bank Fieldstone Africa advised the project company from 2013 through to finalising the deal which reached financial close yesterday.
Jason Harlan, CEO of Fieldstone Africa, said: “Fieldstone Africa is committed to solving the difficult financing challenges faced by the infrastructure sector across the region and continent.” The project will begin construction in the new year.