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AFC invests US$900 million into Ghana’s Kpone Power Project

NesjavellirPowerPlantAfrica 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.”

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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.

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Oliver Andrews, Executive Director & Chief Investment Officer of the Africa Finance Corporation, said:

Sam Wakoba
Sam Wakobahttp://techmoran.com
Taking you on tour through Africa's tech and business ecosystem, one story at a time since 2010! Based out of Nairobi, Kenya, Sam is the founder and managing director of Moran Media, which runs  TechMoran.com, various other digital platforms and a startup incubation hub for Kenya's youthful entrepreneurs. Drop me a mail at [email protected]

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