Energy: FirstRand funds Ghana project

Published Jun 24, 2014

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FirstRand’s investment banking unit would finance as much as $120 million (R1.3 billion) of Ghana’s $820m Kpone power plant as lenders looked to gain from African infrastructure projects, the firm said yesterday. Rand Merchant Bank was also the lead arranger for $400m of commercial bank funding for the project, Michael Larbie, the head of FirstRand in Nigeria, said. Cenpower Generation and other sponsors were providing $250m with $200m from development finance institutions, he added. The 340 megawatt Kpone gas and oil plant would help Ghana, the world’s second-largest cocoa producer, plug an electricity shortfall of 200MW. – Bloomberg

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