Ghana expands gas infrastructure
Genser plans to construct a 105km natural gas pipeline to Ghana’s second largest city, Kumasi, a gas conditioning plant in Prestea, south of Kumasi, and a natural gas liquid (NGL) storage terminal at Takoradi Port
According to Nana Osae Nyampong, CEO of Genser Energy, the transaction will support the company’s transition strategy and at the same time contribute to the West African country’s climate change targets.
The availability of cheaper and readily accessible piped natural gas will assist Genser’s customers in the transition from imported trucked diesel and heavy fuel oil (HFO) to local natural gas alternatives – a low-carbon intensive fuel.
Improving energy efficiency
According to Genser Energy, this comparatively cheaper and cleaner energy source will support Ghana’s bid to relocate power plants from coastal regions to reduce line losses and improve the national grid’s energy efficiency. It further has the potential to position the country as a significant producer and exporter of natural gas Liquids (NGLs).
The funding comprises a USD325-million syndicated senior loan facility and a USD100-million mezzanine loan facility which will be used to refinance the company’s existing debt and support the next phase of its expansion.
Standard Bank South Africa and Stanbic Ghana acted as the debt arranger and coordinating bank for the syndicated loan, partnering with the Development Bank of South Africa, Absa, and Societe Generale in structuring the multi-tranched facility which provided Genser with the extended tenor required for a deal of this nature.
“We are committed to partnering with businesses and other relevant stakeholders to ensure we find the right energy solutions to improve and drive Africa’s growth.
“This transaction enables Genser to take gas from the upstream – that would otherwise be flared – and direct it back into the Ghanaian economy. The processed gas and associated hydrocarbons will be used as fuel to provide power to homes, to displace kerosene and other more carbon emitting fuels as energy sources and provide natural gas and liquids for the industrial sector. This is imperative to Ghana’s energy transition and climate change goals,” says Sydney Nii Ayitey Tetteh, Standard Bank’s Head of Power and Infrastructure Ghana, Client Coverage.
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