Africa Finance Corporation has invested $900 million into Ghana’s Kpone Independent Power Project (Kpone IPP) set to be Ghana’s largest power source so far.
IPP will use the cash to build a 350 megawatt (MW) combined cycle gas turbine power plant, a 161kV substation, liquid fuel (Light Crude Oil and Distillate) storage, delivery and supply infrastructure and working capital financing for fuel.
Andrew Alli, President & Chief Executive Officer of the Africa Finance Corporation, said:“We are delighted to have reached this stage with Kpone IPP, which represents a truly transformational investment for AFC and a unique infrastructure project for Africa. The project promises to play an important role in addressing Ghana’s future energy needs.”
The plant will be amongst Ghana’s most fuel-efficient thermal power stations and will be located in the Tema Industrial Zone, near Accra and, will provide an additional 10% of Ghana’s generation capacity, approximately 20% of its available thermal generation, and supply power to approximately 1 million households.
Other shareholders in Cenpower include: AIIM, Sumitomo Corporation and the Dutch development agency, FMO.
Oliver Andrews, Executive Director & Chief Investment Officer of the Africa Finance Corporation, said:
“At AFC we are very proud to take a leading role in this landmark project. Once complete, Kpone IPP will become the largest power plant in Ghana, and will account for approximately 10% of the country’s installed capacity. We are proud to play a part in continuing to bridge Africa’s infrastructure divide.”