By: OrePulse

Cenpower Generation Company has agreed revised terms in an amended and restated power purchase agreement with the Electricity Company of Ghana, after approval from Ghana's Cabinet and Parliament, the company said.

Under the revised agreement, Cenpower will waive $66 million of the nearly $400 million it says the Ghanaian government owes it, while the tariff charged for power supplied to the Electricity Company of Ghana will be reduced. The agreement also extends Cenpower's contract by ten years.

The company announced the revised terms at an event marking the tenth anniversary of operations at the 375 megawatt Kpone Thermal Power Plant.

Cenpower board chairman Samuel Nana Brew-Butler said the company accepted the tariff discount as a sacrifice for the country.

Ghana's Vice President, Prof. Naana Jane Opoku-Agyemang, attended the event as special guest of honor. "I encourage Cenpower to maintain its relationship with the surrounding communities," she said, and praised the company's community engagement work.

The company highlighted community projects near the plant, including a plastic cleanup at Sega Beach and waste and biodiversity education at a nearby school.

The waiver and tariff reduction reduce Cenpower's financial claims against the Ghanaian government and lower its contracted power price under the extended agreement.