Ghana – Example transactions

(please note that this is not an exhaustive list – please contact us for more details)

ROPAX Ferry Service (Nigeria/Ghana):
Advising the sponsor with respect to the development and financing of a proposed passenger and freight ferry transport service (fast ferry and ROPAX vessels) between Lagos, Nigeria and Accra, Ghana.

Case Study

Genser Energy US$366m financing (Ghana) [2019]

Trinity advised a lending group including The Standard Bank of South Africa, Nedbank Limited, the Development Bank of Southern Africa, Absa Bank Ghana Limited and Barak Fund in respect of the USD 366m senior and mezzanine financing of Genser Energy (Genser), which achieved financial close in 2019.

Genser provides power generation solutions in Ghana to multinational industrial and mining companies including Gold Fields Ghana, Kinross Gold Corporation and Perseus Mining.  The transaction provides funding for the expansion of Genser’s existing plants from a capacity of 100MW to 190MW, as well as for the construction of over 170km of natural gas pipelines to connect Genser’s existing plants with Ghana National Gas Corporation’s facilities.  Genser’s growth reflects the shifting focus of developers and investors in the region towards the commercial and industrial sectors of the power industry and the provision of independent energy solutions to deliver energy efficiently and reliably to consumers.

The transaction added to Trinity’s significant track-record of bringing power project financings in Ghana to financial close.

Deal of the year in project finance (energy, infrastructure and natural resources) (2020)

Acquisition of existing desalination project (Ghana):
Advising NYSE-listed purchaser AquaVenture Holdings Limited with regard to its proposed purchase of an operating desalination project in Ghana

Amandi IPP (Ghana):
Acting for the developers on the landmark Amandi 190 MW gas-fired IPP in Ghana, the only large scale base loan IPP to achieve financial close in sub-Saharan Africa in 2016.

Case Study

Cenpower IPP (Ghana) [2014]

Trinity advised the project company in respect of the Kpone Independent Power Plant (the Cenpower IPP) in the Tema industrial zone near Accra, Ghana, which reached financial close in 2014.

The Cenpower IPP is among the largest private IPPs in Ghana, accounting for approximately 10% of Ghana’s total installed capacity and approximately 15% of its available thermal generation capacity. As a combined cycle gas turbine plant, it is amongst Ghana’s most fuel-efficient thermal power stations and provides critical base-load to help in meeting Ghana’s growing electricity demand.

The project financing comprised a US$650 million debt tranche and a US$250 million equity tranche.

Debt was funded under export credit cover by a consortium of South African commercial banks and international Development Finance Institutions (DFIs). Rand Merchant Bank of South Africa acted as the Global Lead Bank and Mandated Lead Arranger for the commercial banking tranche. Other South African banks involved in the transaction as Mandated Lead Arrangers were Nedbank and Standard Bank. Nederlandse Financierings-Maatschappij voor Ontwikkelings Landen N.V. (FMO) the Dutch development bank, acted as the Mandated Arranger for the DFI tranche comprising FMO, DEG, OFID, EAIF from Europe and DBSA and IDC from South Africa.

The equity investors were led by Africa Finance Corporation, and included Cenpower Holdings Limited (a consortium of Ghanaian investors), Sumitomo Corporation, African Infrastructure Investment Fund II and its co-investors (via an investment vehicle called Mercury Power) and FMO.

Project Finance International African Power Deal of the Year (2014)

Devanning Terminal (Ghana):
Representing FMO in relation to the proposed financing of a Devanning Terminal in Tema Port.

Financing of Container Terminal (Ghana):
Representing Standard Bank/Stanbic Bank Ghana in relation to the financing of a container terminal in Tema Port, Ghana.

Loan Financing (Ghana):
Advising Finnfund in respect of US$15m loan to CAL Bank Limited in Ghana.

Solar IPP (Ghana):
Advising BioTherm Energy (Pty) Limited in relation to a 20MW Solar IPP in Ghana.

Takoradi Port Expansion (Ghana):
Advising Ghana Infrastructure Investment Fund in respect of its debt financing of the development of Takoradi port, including logistics, container storage and oil terminal in Takoradi Port.

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