December 13th, 2016
Amandi Energy reaches financial close and begins construction
Aldwych is delighted to announce that the Amandi Energy Project has reached financial close.
Amandi Energy Limited today announced that it has reached financial close and begun construction of a 200MW combined cycle, dual-fuel power project in Aboadze, Ghana. At a total project cost of $552m, Amandi is the only large scale base-load independent power generation project in sub-Saharan Africa to achieve financial close to date in 2016.
Amandi Energy was founded by a consortium of developers with extensive experience of doing business in Ghana and elsewhere in sub-Saharan Africa. For the Amandi Project, Aldwych partnered with the Amandi Founder Group, in conjunction with the majority owner of the project Endeavor Energy, an independent power company backed by global private equity firm Denham Capital. Aldwych in turn brought in the Pan African Infrastructure Development Fund 2, sister fund to Aldwych’s major shareholder, as an investor in the project.
Aldwych will take a prominent role in construction management and operation and maintenance for the plant. The project has already started construction and first power is expected in 2018.
Helen Tarnoy, Managing Director of Aldwych, said “At Aldwych we are proud to have closed our third major project in three years, following our successes with Lake Turkana and Azura. We are delighted to have been part of the development of the Amandi project and congratulate all parties on their commitment to achieving this long-awaited goal. We look forward to fruitful cooperation with the Government of Ghana to becoming a trusted and valued member of the community in Aboadze.”
Maria Stratonova, the Amandi Project Director, added “We are happy to see Amandi start construction. The project is based on the advanced GE technology, the 9E.04 gas turbine, and will be constructed by the GE and Metka consortium. Aldwych looks forward to continuing the productive relationship with the GE and Metka consortium during construction and operation of the Amandi project.”
Please see official press release attached.