Accra, March 29, 2010—InfraCo Ltd. signed an agreement today with the Africa Finance Corporation (AFC) and Cenpower Holding Company Ltd to sell a 46% controlling stake in Cenpower Generation Company Ltd and its $450 million power plant under development in Tema, Ghana.
InfraCo, a publicly funded infrastructure development group, was established four years ago to support the identification and development of infrastructure investments and attract increased private sector investment in frontier markets including Sub Saharan Africa.
Infrastructure investment in the poorer developing countries is insufficient to fund needs, leaving millions without access to basic services. Some regions, particularly Africa and parts of Asia, have not had the same levels of private investment in public services as other parts of the developing world.
Mr. Keith Palmer, Chairman of InfraCo said today “I am absolutely delighted that we have been able to successfully complete this headline transaction selling a major interest to African investors. This project will add cost effective electricity capacity to Ghana’s grid and help address a looming power deficit. This closing demonstrates the value of InfraCo’s unique approach to catalysing private investment into infrastructure in Africa.”
About InfraCo Limited
Working in partnership with local and international sponsors, InfraCo’s aim is to enable and support the mobilization of private sector investment and engagement in the provision of infrastructure and basic services. InfraCo is currently developing projects in the water, energy, transport and other sectors in a number of countries in the region.
InfraCo Limited is part of the Private Infrastructure Development Group (www.pidg.org) which supports a variety of innovative initiatives to boost the development of infrastructure in emerging markets. It consists of a group of European Countries including the Netherlands, Sweden, Switzerland, and the United Kingdom, as well as the World Bank Group. For more information visit: www.infraco.com.