OPIC-supported Amandi Energy Limited named Project Finance International’s African Power Deal of the Year
Project Finance International has named an OPIC-supported power project in Ghana as the African Power Deal of the Year and recognized OPIC for playing a pivotal role in the transaction. The project, a 200 megawatt (MW) combined cycle dual fuel power plant in Aboadze, Ghana is being built by Amandi Energy Ltd. with the support of $250 million in OPIC financing and $150 million in political risk insurance.
“In a year where oil prices reached historic lows and Ghana’s utilities struggled to pay out on existing projects, the Amandi project team was able to bring new investors to the country,” Project Finance said in its Yearbook announcing the awards. “OPIC’s role in the transaction was pivotal,” it said.
The Amandi project will help address widespread power shortages in Ghana, where blackouts are common and limited electricity poses an impediment to overall economic growth. Once constructed, the plant will produce more than 1,600 gigawatt hours of electricity per year, providing power for Ghanaian households and businesses. The plant, which will energize the economy by creating job opportunities for Ghanaians, is scheduled to come online in April 2019.
The Amandi project demonstrates OPIC’s continued support to the Power Africa initiative, which seeks to add more than 30,000 megawatts of cleaner, more efficient electricity generation capacity as well as increased power access with 60 million new connections throughout sub-Saharan Africa.