By: Funds for NGO's

Genser Energy has secured a $529 million credit package to complete gas and power infrastructure in Ghana, strengthen its balance sheet and support expansion into Côte d’Ivoire and other West African markets.

The financing includes term and revolving credit facilities arranged by Rand Merchant Bank, alongside Absa and Standard Bank. The company said the funding will provide working capital for ongoing engineering and construction projects while supporting its regional growth strategy.

Genser plans to use part of the financing to convert its open-cycle gas turbine plants in Ghana into combined-cycle facilities. The technology captures waste heat from electricity generation and uses it to produce additional power, improving efficiency without requiring a proportional increase in fuel consumption.

The company also expects to commission its gas conditioning plant in Prestea and the Takoradi Natural Gas Liquids Export Terminal before the end of 2026. The Takoradi facility is planned to provide 40,000 cubic metres of storage capacity for propane and butane.

A major part of Genser’s expansion strategy is its planned 470 MW combined-cycle power plant at Taboth in Côte d’Ivoire. The Ivorian government approved the project concession in August, covering its design, financing, construction, ownership, operation and eventual transfer.

The Taboth project would strengthen Genser’s presence beyond Ghana and move the company from supplying cross-border electricity to developing generation capacity within Côte d’Ivoire. The expansion comes as the country works to meet rising electricity demand while maintaining its position as a regional power supplier.

Founded in 2006, Genser has developed seven power plants in Ghana and one in Burkina Faso. The company reports more than 334 MW of installed generation capacity and operates a 436-kilometre natural gas pipeline network across Ghana.

Despite its infrastructure growth, Genser faces a significant debt burden. The company has about $1 billion in debt and plans to raise $350 million through an equity sale to reduce borrowing costs and fund further expansion.

Genser is also exploring lower-cost natural gas supplies from Nigeria. The company is targeting a final investment decision by the end of 2027 and hopes to begin receiving Nigerian gas by barge in 2030, subject to commercial agreements and infrastructure development.

The new financing comes as African countries continue to face a major shortage of energy infrastructure investment. Expanding reliable electricity generation and gas infrastructure could help support mines, manufacturers, businesses and national power systems across West Africa.

Genser’s ability to complete its Ghana projects, advance the Taboth development and reduce its debt burden will be crucial to determining whether the company can build a financially sustainable regional energy platform.