Amandi Energy Achieves Financial Close| International Power
Aboadze, Ghana – 14 December 2016 –Amandi Energy Limited (Amandi Energy) today announced that it has reached financial close and begun construction of the $552 million Amandi Energy Power Plant (Amandi Project), a 200 megawatt (MW) combined cycle, dual-fuel power project in Aboadze, Ghana. It’s 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 (Amandi Founder Group or AFG). For the Amandi Project, AFG has, prior to financial close, partnered with majority owner of the project Endeavor Energy (Endeavor), a leading Africa-focused independent power company backed by global private equity firm Denham Capital, and Aldwych International (Aldwych), a prominent developer, owner and operator of power generation projects in sub-Saharan Africa.
The Amandi Project will be crucial in helping to meet Ghana’s growing power needs. Once constructed, the plant will be one of the most efficient power plants in the country and will produce more than 1,600 gigawatt hours per year, energising up to one million Ghanaian households. Amandi Energy will sell power to the Electricity Company of Ghana (ECG) under a 25-year Power Purchase Agreement. It will be initially fuelled by light crude oil, but is expected to switch to indigenous gas from Ghana’s offshore Sankofa natural gas field once available.
Amandi Energy’s financial adviser was Fieldstone Africa, Trinity International LLP served as international legal adviser and Senet Corporate Solicitors served as Ghanaian legal adviser. Clifford Chance LLP acted as international legal adviser to the lenders, and ENSafrica, Ghana served as Ghanaian legal adviser. Norton Rose Fulbright LLP acted as international legal adviser to Endeavor. Mott MacDonald served as lenders technical advisor and Parsons Brinckerhoff Power acted as owners’ engineer.
For more information about the Amandi Project, please visit www.amandi-energy.com.
About Endeavor Energy
Endeavor Energy is a Denham Capital-backed leading independent power producer (IPP) company focused on Africa with its headquarters in Houston, Texas, USA and offices in Abidjan, Cote d’Ivoire, Accra, Ghana, Conakry, Guinea and Dubai, United Arab Emirates. Endeavor Energy develops, acquires, finances, owns and operates thermal, hydroelectric, biomass, waste-to-energy and “hybrid, first-of their-kind” power generation plants in Africa.
Endeavor Energy is led by a seasoned management team with over 200 years of combined IPP experience around the world, and a proven record of identifying and executing on project development and acquisition opportunities in Africa and elsewhere. With the financial and strategic backing of energy-focused global private equity investor Denham Capital, the company possesses significant financial and operational capability to generate and participate in multiple power development projects in Africa. Endeavor Energy is also a sponsor of the U.S. government’s Power Africa initiative. For additional information, please call +1 (281) 369-5908 or email us at [email protected]. For more information about Endeavor, visit www.endeavor-energy.com.
About Denham Capital
Denham Capital is a leading energy and resources-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles and offices in London, Boston, Houston and Perth. The firm makes direct investments in the energy and resources sectors, including businesses involving power generation, oil and gas, and mining, across the globe and all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.
(On Behalf of Endeavor Energy)
T: +1 512-448-4950
E: [email protected]