Genser Energy secures €456 million credit to expand West African gas power portfolio

Genser Energy, founded in 2006, raised a €456 million ($527 million) credit facility from First Rand Bank, Absa and Standard Bank to support its natural-gas power operations across Ghana and Burkina Faso, where it already runs eight plants with more than 334 megawatts of capacity and a 270-mile pipeline serving mines. The financing will be used to convert open-cycle turbines to combined-cycle units, finish a gas-processing plant in Takoradi, and begin building a 470-megawatt project in Taboth, near Abidjan, under a deal with the Côte d’Ivoire government.

After acquiring Oppenheimer Partners’ 40 % stake, Genser plans an equity sale of about $350 million later this month and ultimately seeks listings on the NYSE and a regional bourse. CEO Baafour Asiamah Adjei highlighted a pending decision on Nigerian gas supply and noted the firm’s current $1 billion debt, which he expects to reduce through the equity raise.