GHANA – Africa50 has completed an equity investment in Genser energy, an independent power producer in Ghana, to bolster power production in Ghana as the company scales its operations to provide affordable and reliable power to its customers.
This investment, according to Africa50 is part of a major fund raising by Genser Energy in the form of debt and equity to finance the construction of gas pipelines, increase capacity, enter into new energy purchase agreements and refinance the debt.
Bafour Asiamah-Adjei, President and CEO of Genser Energy Ghana Limited, was delighted to have completed this funding, which is a “transformational transaction for GEGL in expanding its operations in Ghana.”
“Genser has been at the forefront of Ghana’s industrialization by providing high-quality, cost-effective energy to the natural resources sector,” said Raza Hasnani, Head of infrastructure investments at Africa50
“Our partnership aims to support Genser’s growth and expansion plans. This investment is part of Africa50’s commitment to support the development of Africa’s natural gas resources and associated infrastructure.”
With the closing of this financing, the Company plans to build more than 170 km of pipelines linking its existing plants to the facilities of the Ghana National Gas Corporation.
It also plans to use the funds to increase the total capacity of its existing plants from 100 to 190 MW and invest in new 161kV transmission lines.
Over the past 11 years, Genser Energy Holdings Limited, through its subsidiary Genser Energy Ghana Limited (“GEGL”), has completed and commissioned five decentralized generation plants in Ghana, for a total generation of 132 MW, four of which are owned, operated and maintained by Genser.
Africa50 was established in 2012 by the African Development Bank as a new investment vehicle.
It was designed as an independent infrastructure fund that focuses on high-impact national and regional projects.
Africa50 mostly invests in the energy and transport sectors, with a particular emphasis on increasing the pipeline of investment-ready projects.