The Kpone IPP project was founded by a group of Ghanaian entrepreneurs namely, Samuel Nana Brew-Butler, Dr Jimmy Heymann, Michael Wilson and Kweku Awotwi. In 2003, they incorporated Cenpower Generation Ltd (Cenpower) as a limited liability company, a Special Purpose Vehicle (SPV) set up for the development and completion of the Kpone Independent Power Project (KIPP).
The project faced a number of developmental and financial challenges, specially being Ghana’s first greenfield Independent Power Project (IPP) developed strictly on a Project Finance basis with no precedents in place.
Following the completion of initial feasibility studies, including site selection and preliminary engineering and environmental studies, InfraCo (a multi-donor funded project developer) joined the founding shareholders as a project development partner in 2005. Over the ensuing four years, several key development milestones were completed, including detailed engineering studies, social and environmental assessments, as well as negotiations for a Power Purchase Agreement. The procurement process for an Engineering, Procurement and Construction (EPC) contractor was also initiated in this period.
In 2010, Africa Finance Corporation (AFC) acquired a controlling stake in Cenpower thus, becoming the project lead developer and lead arranger. AFC joined the founding shareholders and InfraCo, in the continued development and financing of the project. As lead project developer, AFC had overall responsibility for all project activities and the management of the development team, including the selection of the additional Project Sponsors as well as legal, insurance, financial and technical advisors.
In September 2014, InfraCo transferred its interests in Cenpower to Sumitomo Corporation, a Japanese investor company and the Strategic Technical Partner for the project which formally became the second-largest shareholder of Cenpower Generation Ltd after Africa Finance Corporation.
In December 2017, AFC Equity Investment Limited transferred all shares to its Pan African Power Vehicle, Anergi Assets Company (Anergi). Anergy was jointly owned by AFC Equity Investment Limited and Aldwych Holdings Limited with each party holding a 50% shared in Anergi. In September 2020, Anergi Assets Company transferred its interest in Cenpower back to AFC Equity Investment Limited.
Milestones
- June 2012: Power Purchase Agreement (PPA) signed with ECG
- August 2014: Engineering, Procurement and Construction (EPC) Contract signed with Group Five
- October 2014: Debt/Financing documents signed
- December 2014: Notice to Proceed issued to Group Five
- January 2015: Ground-breaking ceremony
- November 2016: Completion & Handover of Collector Substation to GRIDCo
- November 2018: Termination of the EPC Contractor’s Engagement
- 10th June 2019 : Achievement of Commercial Operations Date(COD)