African Infrastructure Investment Managers (AIIM) has acquired a minority stake in the Amandi IPP power plant in Ghana.
AIIM said its investment in Amandi is financed through its third pan-African focused fund, African Infrastructure Investment Fund 3 (AIIF3).
AIIF3 invests primarily in power, transportation and energy infrastructure in sub-Saharan Africa.
Located near Aboadze in the Western region of Ghana, Amandi is a 200MW dual-fuel combined cycle power plant which achieved financial close in December 2016 and is currently under construction for a total cost of $550m (€403.2m).
AIIF3 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 majority owner Endeavor Energy, Amandi Founder Group, Aldwych, Pan African Infrastructure Development Fund 2 managed by Harith General Partners, and ARM-Harith Infrastructure Fund.
Olusola Lawson, the investment director and Head of West Africa at AIIM, said: “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 theCenpower Kpone IPP in Ghana, which reached financial close in 2014.
This is the fifth investment made through AIIF3.
The others being Starsight Power Utility, an energy services company in Nigeria, AIIM Hydroneo, a pan-African hydro power development platform, DSM Corridor Group, a specialist dry bulk terminal operator in Tanzania and Albatros Energy Mali, a 90 MW thermal power station.