This is how we worked with other lenders to ensure construction began on a major power project in Ghana.
We co-led the debt financing – along with OPIC, the USA’s development finance institution – of the Amandi power project in 2016, a 200-megawatt plant near Aboadze, Ghana. When it’s operational, Amandi will help alleviate Ghana’s power challenges, where an insufficient cost-effective supply of energy has resulted in regular power outages.
Nadav Topolski worked for the developer of the project, explains why he approached our team for investment: “We were at the point when the project was bankable. I knew CDC already and I thought working with them would be helpful.”
Our $83 million investment in the project was awarded the Project Finance International African Power Deal of the Year, as well as the IJ Global African Power Deal of the Year 2016. Sean Long, the CEO of Amandi’s largest shareholder, Endeavor Energy, says our investment came at a vital time: “CDC came in at the latter stages of the financing and was critical in getting the project over the finish line. They got up to speed very quickly and they adapted to the lending team well.”
Whenever we invest, we always aim to be flexible and work with investees to understand their needs. This approach was appreciated by Endeavour and the rest of the sponsor team, according to Sean: “CDC is always prepared to come up with reasonable suggestions, which is vital in these markets because it’s not easy and there is always uncertainty.”
“Regardless of who you were talking to I found them to be professional, friendly and creative in finding solutions,” agrees Nadav. “There are always moments in projects like these when you hit obstacles and when it happens, you need everyone involved, including the lenders, to be supportive – CDC proved on more than one occasion that they have the capacity to do this.”
Construction of the Amandi Power Project is now underway and we’re working with everyone involved to ensure construction continues to progress well and on time: “CDC is very active,” Sean says. “They are keen to discuss any issues to understand how they can help resolve problems, particularly ahead of time before they become bigger.”
Following our experience working on the Amandi project, we’re now exploring future partnerships with Sean and his Endeavour team.
“We look forward to working with CDC on other projects, as we grow. We see CDC as an important partner for us.”
Sean Cannon, CEO, Amandi Energy