AFRICA COMES OF AGE IN PROJECT FINANCE ISSUER STRATEGY

摘要

In 2003, a group of enterprising ghanaians met to discuss the country's energy needs. Demand was growing faster than supply so a coherent development strategy was called for. That much was not in doubt. The challenge was: how best to address the situation. Over the next few years, a special purpose vehicle was created, Cenpower Generation Company, to develop the Kpone Independent Power Plant (KIPP) near the Ghanaian capital, Accra. Emerging market development group InfraCo was drafted in, aided by Eleqtra, a fund manager specialising in African infrastructure. And in 2010, local infrastructure fund Africa Finance Corporation (AFC) took a lead role in the project. Now, the partners have raised $900m of project finance in one of the most ambitious private infrastructure deals to be completed in sub-Saharan Africa.