Norton Rose Fulbright has advised Endeavor Energy (Endeavor) as sponsor to Amandi Energy Limited (Amandi Energy) on the US$552 million Amandi Energy Power Plant (Amandi Project).
The Amandi Project is a 200 megawatt (MW) combined cycle, dual-fuel power project in Aboadze, Ghana and is the only large scale base-load independent power generation project in sub-Saharan Africa to achieve financial close in 2016 on December 14, 2016.
The Amandi Project will help meet Ghana’s growing power needs and once constructed, the plant will be one of the most efficient power plants in the country and will produce more than 1,600 gigawatt hours per year, energising up to one million Ghanaian households. Amandi Energy will sell power to the Electricity Company of Ghana (ECG) under a 25-year Power Purchase Agreement. It will be initially fuelled by light crude oil, but is expected to switch to indigenous gas from Ghana’s offshore Sankofa natural gas field once available.
The plant’s construction, due to come online in April 2019, will create 400 jobs, most of which will be filled by Ghanaians, and the plant’s operations will employ up to 40 people full time.
The US$552 million investment required for the Amandi Project comprises $134 million in equity from the sponsor group, which includes Endeavor, AFG, Aldwych, Pan African Infrastructure Development Fund 2 managed by Harith General Partners (PAIDF2), and ARM-Harith Infrastructure Fund.
Endeavor Energy is a Denham Capital-backed leading independent power producer (IPP) company focused on Africa with its headquarters in Houston, Texas and offices in Abidjan, Cote d’Ivoire, Accra, Ghana, Conakry, Guinea and Dubai, United Arab Emirates. Endeavor develops, acquires, finances, owns and operates thermal, hydroelectric, biomass, waste-to-energy and “hybrid, first-of their-kind” power generation plants in Africa.
Norton Rose Fulbright was international legal advisor to Endeavor led by energy and projects partner Arun Velusami and corporate partner Jason Moss. They were assisted by senior associates Sarah Mathers, Si Xuan Cai, Jared Franicevic and Elizaveta Bazarova, Of Counsel Kate Kortenbourt, associates Charlie Bremner and Matthew Eccles, and trainee solicitor Oji Adoh.
Clifford Chance acted as international legal adviser to the lenders and ENSafrica (Ghana) served as Ghanaian legal adviser.
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