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Sunon Asogli Power (Ghana) Limited has reopened its 560MW power plant after Energy Minister Herbert Krapa and Finance Minister Mohammed Amin Adam intervened.<\/p>\n
The ministers helped to ease the company’s financial difficulties by releasing emergency funds.<\/p>\n
The Electricity Company of Ghana (ECG) failed to make past-due payments, which resulted in the power plant’s closure in October 2024, making it impossible for Sunon Asogli to continue operating.<\/p>\n
In September 2024, the business stated that ECG owed it $259 million in net receivables (not including fuel).<\/p>\n
Although Sunon Asogli did not bill ECG for idle capacity, Sunon Asogli disclosed that between January and September 2024, the debt increased by 23%, with only 22.6% of invoices paid during that time through the Cash Waterfall Mechanism.<\/p>\n
\u00a0However, the company, in a statement on Monday, said: “We have submitted our final version of the Restructuring Terms Sheet to the Ministry of Finance and ECG in August for finalization and signing soon. We are confident that a win-win solution that will ensure the stability and reliability of Ghana’s energy will be achieved.”<\/p>\n
“We hope that the ECG can adhere to the spirit of the contract and diligently honour their financial obligations in the PPA.”<\/p>\n
Sunon gave Vice President Dr. Mahamudu Bawumia credit for stepping in to make sure the money was paid.<\/p>\n
It is anticipated that the restart of operations will stabilize the electricity supply and allay worries about the energy sector’s financial viability in Ghana.<\/p>\n
KA<\/p>\n
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