Turkish energy firm, Aksa Energy Production Inc., has signed a $150 million financing agreement with the Africa Finance Corporation (AFC) to develop gas-fired power plants projects in Africa.
Under the agreement, AFC will provide $150 million in financial support to Aksa Energy to develop natural gas-based power plant projects on the continent.
The agreement, signed on the sidelines of the Türkiye–Africa Day event, will play a critical role in strengthening the region’s energy infrastructure and ensuring energy supply security through its power plant projects implemented across Africa.
Speaking at the signing ceremony, Cemil Kazanci, CEO of Aksa Energy, said:
“Our power plant investments in Africa, equipped with advanced engineering and cutting-edge technology, are the clearest indicators of our concrete contribution to the region’s energy supply security.
“This strong collaboration not only paves the way for Aksa Energy’s new investments in Africa but also marks an important milestone reinforcing the company’s leadership in shaping the region’s energy future”.
Aksa Energy will use the proceeds to fund the development, procurement and construction of natural gas-powered greenfield and brownfield energy facilities located in Côte d’Ivoire, Ghana and Senegal.
When completed, Senegal will have another gas fired power plant after the conversion of Bel-Air power plant heavy fuel oil to LNG.
The LNG power plant will join the 50-megawatt (MW) Bondoukou solar PV and 52.42 MW Ferke Solar Power plants currently under development to provide electricity to Côte d’Ivoire.
Aksa Energy is one of Ghana’s largest independent power producers (IPPs) currently 2 years into a 15-year, US dollar-based energy sales agreement covering the supply of electricity from its 370 MW dual-fuel power plant.
Founded in 1997 and publicly listed since 2010, Aska Energy is Türkiye’s largest energy company.
It operates across seven jurisdictions, including the African nations of Ghana, Madagascar and Mali.
In March, NRF lawyers in Dubai advised an Africa-focused real estate developer on a multimillion-dollar capital raising deal.
The transaction also involved technical participation from the Africa Finance Corporation (AFC).
