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Africa Finance Corporation recognised for role in landmark US$900bn power infrastructure project

Financial transaction for Kpone Independent Power Plant receives Thomson Reuters PFI African Power Deal of the Year award
London, 5 February, 2015: Africa Finance Corporation (AFC) was amongst those being recognised last night by the Thomson Reuters PFI African Power Deal of the Year Award for the financing of Kpone IPP in Ghana. 
 
Kpone IPP was inaugurated in Ghana last week, in a groundbreaking ceremony attended by Ghanaian Vice President Kwesi Amissah-Arthur, Minister of Power Dr Kwabena Donkor and Robert Dwamena, Managing Director of the Electricity Company of Ghana.  When the plant comes on-stream in 2017 it will provide an additional 10% of Ghana’s generation capacity and supply power to approximately 1 million households. 
 
AFC is the lead developer, mandated lead arranger and largest equity investor in the project, which is being implemented by special purpose vehicle Cenpower. 
 
A high-level AFC delegation joined over 600 global leaders in project finance excellence for the ceremony at the Hilton Hotel.  AFC President and Chief Executive Officer, Andrew Alli, and Executive Director and Chief Investment Officer, Oliver Andrews, were both present to receive the award.  
 
Mr Alli commented on the importance of both project and award:  “Kpone IPP will revolutionalise Ghana’s electricity generation and set the benchmark high for future African energy projects.  The success of this project is due to 11 years of hard work from the principle parties involved and in receiving the African Power Deal of the Year Award their determination is being recognised and rewarded.”
 
Mr Andrews also added:  “We at AFC are immensely proud of the projects we undertake.  We recognise the impact that the current power shortage is having on economic development in Sub Saharan Africa and are keen not to waste the region’s potential through lack of energy generation capacity.
 
“The importance of Kpone IPP should not be underestimated.  Whilst its construction company, founding shareholders and eventual beneficiaries are African, the importance of international investment is pivotal to the project’s success.  AFC is committed to attracting fDI into Ghana and using it to fund the large infrastructure projects that are crucial to the region’s development.”
 
The Cenpower project has been described in the PFI 2015 Yearbook as: “a pathfinder deal not just for Ghana, where international developers are now lining up the next large-scale IPPs, but also for Sub-Saharan Africa – where political uncertainty and gas supply issues still cloud the horizon.”

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