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Wed, Jul

Cenpower deal wins PFI power sector award

The financial transactions for the construction of a 340MW Independent Power Project in Ghana has been internationally recognised by the London based PFI Awards as Africa’s most outstanding power deal of 2014. 

The PFI Awards Scheme is the financial industry component of the Global Thomson Reuters Awards for Excellence and has for close to a decade rewarded corporate and individual success in the financial industry on the basis of their demonstration of “outstanding performance and commitment.” 

The 2014 PFI Roll of Honour listed 40 award winners, with eight awards in each of five geographical zones: Global,   Americas, Asia-Pacific, Europe and Middle East / Africa.

For the Middle East / Africa zone, the 2014 PFI Award projects include Cenpower (African Power Deal of the Year); Lake Turkana (African Renewable Deal); Safi (North African Power Deal); Kirikkale  (Power Deal); Tarnar (Bond Deal); Wa’ad Al Sharmal (Industry Deal); Star Rafinel (Refinery Deal) and Standard Bank (Bank of the Year).

The 2014 PFI Awards ceremony takes place on Wednesday, February 4, 2015, at the Hilton, Park Lane, London, a repeat location for last year’s plush event.

For Cenpower Holdings Limited, the wholly Ghanaian-owned initiators of the award-winning project — Cenpower Generation — and the operating company, as well as other shareholders (including the Africa Finance Corporation, Mercury Power (AIIM ) South Africa, FMO of the Netherlands and SUMITOMO of Japan), the PFI recognition could not have been announced on a better period than the very week that the project achieved wet / liquid financial close.

Reacting to the news in Accra, Mr Sam Nana Brew-Butler, Chairman of Cenpower Generation, referred to the PFI Award as a “very gratifying recognition of the many years of commitment to the Cenpower project by numerous Ghanaian and foreign individuals, corporate entities and institutions.”

He particularly appreciated the efforts of governments of Ghana over the past years, RandMerchant Bank, Standard Bank and NED Bank, The Export Credit Insurance Company, DBSA and the IDC (all of South Africa) and the FMO led European DFIs, including EAIF, DEG-INVEST and OFID.

Group Five of South Africa has been issued with a notice to proceed and is scheduled to commence construction work on the 350 MW dual cycle power plant at the Tema Heavy Industrial Area in January 2015.