AIIM, one of Africa’s leading infrastructure equity investment managers and a member of Old Mutual Alternative Investments (OMAI), has acquired a minority stake in the Amandi IPP power plant in Ghana.
AIIM has been investing in the African infrastructure sector since 2000, with a track record extending across seven African infrastructure funds. The company currently manages $2 billion in assets across the power, telecommunications and transport sectors with operations in 15 countries across Africa.
The Amandi power plant, located near Aboadze in the Western region of Ghana, is a c.200 megawatt (MW) dual-fuel combined cycle power plant which achieved financial close in December 2016 and is currently under construction for a total cost of c.$550m. AIIM is acquiring the entire shareholding of the Rontom Trust, a vehicle affiliated with the project founders. The Amandi IPP power plant is also owned by Endeavor Energy (majority owner), Amandi Founder Group, Aldwych, Pan African Infrastructure Development Fund 2 managed by Harith General Partners, and ARM-Harith Infrastructure Fund.
Olusola Lawson, Investment Director and Head of West Africa at AIIM, commented: “As infrastructure investors committed to having a positive and sustainable impact on the communities we operate in, we’re pleased to be involved with the Amandi IPP. When operational, this project will add another 200MW of capacity to the grid and help the country to meet its growing energy needs.”
AIIM Funds have previously invested in the landmark Cenpower Kpone IPP in Ghana, which reached financial close in 2014, in projects seen to be in line with the Ghanaian governments’ key objective.
The investment in Amandi IPP is AIIM’s fifth investment through its African Infrastructure Investment Fund 3 (AIIF3). The company had earlier invested in Starsight Power Utility Ltd., a leading energy services company in Nigeria, AIIM Hydroneo, a pan-African hydropower development platform, DSM Corridor Group, a specialist dry bulk terminal operator in Tanzania and Albatros Energy Mali, a 90 MW thermal power station.