Photo by: Duane Daws
JSE-listed Group Five on Thursday said it had secured a three-year R4-billion engineering, procurement and construction contract for the design and build of a 350 MW gas- and oil-fired combined cycle power plant in Ghana.
Ghana-based Cenpower Generation would issue the notice-to-proceed to “trigger” the build in the municipality of Kpone, within the Tema industrial zone, as soon as commercial and financial close was reached.
Group Five noted in a statement that Rand Merchant Bank was the coordinating mandated lead arranger for the full commercial debt package, with support from the Export Credit Insurance Corporation of South Africa.
Global technology leaders, including General Electric and Siemens, would supply the power generation equipment, which was about 50% of the contract value.