Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Ghana
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Multilateral Investment Guarantee Agency (MIGA)
Bank Risk Rating: A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2015-07-30
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: A. Energy Development Limited
The holder of the loan, grant, or other investment.
Potential Rights Impacts:
Only for projects receiving a detailed analysis, a broad category of human and environmental rights and frequently at-risk populations.
  • Healthy Environment
  • Housing & Property
  • Right to Water
Investment Amount (USD): $ 360.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ MIGA website
Updated in EWS: 2017-05-16
Disclosure Date: 2015-05-22
Amandi Energy Limited
MIGA-12582

Project Description
This summary covers investments by A. Energy Development Limited of Mauritius in Amandi Energy Limited (AEL) in Ghana. The sponsors have applied for MIGA guarantees of up to $200 million for a period of up to 20 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. MIGA may also provide coverage of up to $160 million for non-shareholder loans for up to 15 years from international banks yet to be named. The project encompasses the construction, ownership, and operation of a combined-cycle gas turbine power plant of 192.4 megawatts, capable of operating on both light crude oil and natural gas. It is anticipated that the plant will switch to natural gas in a few years as gas supply becomes available. The plant is being designed to allow for future expansion of up to 400 megawatts. AEL will produce electricity for sale to the Electricity Company of Ghana as the sole off-taker. The project is located in the western region of Ghana at Aboadze, approximately 12 kilometers from Takoradi, the western regional capital. Environmental Categorization The project is a category A under MIGA's Policy on Environmental and Social Sustainability. Click here to view the Environmental and Social Review Summary. Development Impact The project will provide additional generation capacity to the severely undersupplied Ghanaian electricity system. Electricity is a key component of the country's continued economic growth; however supply has recently struggled to keep up with demand. The power sector is not performing well and load-shedding is widespread, leading to increased use of costly diesel generators. The project will also support the diversification from Ghana's hydro-based power system with a cleaner burning, lower cost source of thermal power than existing oil-based operations. The project is expected to hire 615 local employees during the construction phase. MIGA's proposed support for this investment is aligned with the Agency's strategy to facilitate investment into countries eligible for concessional financing from the International Development Association and to support transformational projects. It is also aligned with the second pillar of World Bank Group's Country Partnership Strategy for Ghana, “improving competitiveness and job creation.”
Investment Description
Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/