Genser Energy USD425m refinancing

Published: 28/07/22

Trinity International LLP is pleased to announce that it advised a consortium of international banks and funds comprised of the Standard Bank of South Africa, ABSA Bank, Société Générale, Mauritius Commercial Bank, Ninety-One, Barak Fund SPC Limited and the Development Bank of Southern Africa, on their latest funding to Genser Energy Ghana Limited (“Genser”). In total, USD425m of senior and mezzanine funding achieved financial close in July 2022. The funds will be used to refinance existing debt and finance the next phase of expansion projects including:

•         a 100km natural gas pipeline to Ghana’s second largest city, Kumasi;

•         a 200mmscfd gas conditioning plant at Prestea, Ghana; and

•         a Natural Gas Liquid (‘NGL’) storage terminal at Takoradi Port.

Genser provides power generation solutions in Ghana to multinational industrial and mining companies including Gold Fields Ghana and Perseus Mining.  The transaction will support Genser’s diversification from power to the gas midstream sector. The availability of cheaper and readily accessible piped natural gas in Kumasi and the central belt of Ghana via the new pipeline should encourage industries to switch from imported trucked diesel and heavy fuel oil (HFO) to indigenous natural gas. The gas conditioning plant aims to establish Ghana as a significant producer and exporter of Natural Gas Liquids (NGLs).

Trinity is increasingly seeing clients focused on climate change targets and “just transition”.  The finance documents included reporting obligations in relation to Genser’s decarbonization strategy to achieve net zero carbon by 2035.

The transaction adds to Trinity’s significant track-record of bringing power project financings in Ghana to financial close.  The Trinity team comprised partners Simon Norris and Jo Sykes, counsel Harvinder Deol, senior associate Elizabeth Handley and associate Rhiannon Lock.

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