Africa50 Completes equity investment in Genser energy
Africa50’s investment in Genser Energy, an independent power producer in Ghana, will serve to bolster power production in Ghana as the company scales its operations to provide affordable and reliable power to its customers.
Accra / Casablanca, 28 November 2019: Genser Energy Holdings Limited and Africa50 today announced the completion of Africa50’s equity investment into Genser. This investment is part of a larger debt and equity raise to finance the construction of gas pipelines, expand capacity, enter into new PPAs and refinance debt. In the last 11 years, Genser Energy Holdings Limited, through its subsidiary, Genser Energy Ghana Limited (“GEGL”), has completed and commissioned five distributed generation plants in Ghana with a total output of 132MW of which four are owned, operated and maintained by Genser. Africa50’s equity investment is intended to support the company’s future growth plans.
Baafour Asiamah-Adjei, GEGL’s President and CEO, stated “I am delighted that we have closed this funding which is a transformational transaction for GEGL as it undertakes the expansion of its Ghana operations.”
"We are very excited to partner with Genser Energy” said Raza Hasnani, Head of Infrastructure Investments at Africa50. “Genser has been at the forefront of Ghana’s industrialization by providing high quality and cost-effective power to the natural resources industry. Our partnership will support Genser’sgrowth and expansion plans. This investment is in line with Africa50’s commitment to support the development of Africa’snatural gas resources and related infrastructure, to help countries produce cleaner power to provide more affordable energy for industrial purposes or household consumption”.
With the closing of this financing the company intends to build over 170km of natural gas pipelines connecting its existing plants with the Ghana National Gas Corporation’s facilities, increase the total capacity of its existing plants from 100MW to 190MW and invest in new 161kV transmission lines.
About Genser
Genser Energy Ghana Limited provides distributed power generation solutions in Ghana to multinational industrial and mining companies including Gold Fields Ghana, Kinross Gold Corporation and more recently Perseus Mining.
Media Contacts
Fleur Tchibota, Head of Communications, Africa50
Tel: +212666171099, f.tchibota@africa50.com
Category: Press Release