ACCRA, Ghana, Aug. 03, 2017 (GLOBE NEWSWIRE) -- TC’s Energy Limited announces that it has entered into a binding commitment letter with TC’s Energy Limited under the Mesa Fund 1, a global opportunity fund that is managed by Milost Global Inc. This is for the previously announced $2 billion financing facility with Milost.
Anthony Opoku, President & CEO of TC’s Energy Limited, stated, “This is a great day in Ghana and Africa at large. We are on the verge of executing the biggest Tidal energy project in Ghana and Africa. I really appreciate the effort of the various parties involved in structuring this deal. My deepest gratitude goes to Milost Global for supporting the vision of TC’s Energy.”
President & CEO of Milost Global, Egerton Forster, stated, "Milost is delighted for partnering in such a great project; we believe that this is the most relevant and opportune moment for Foreign Direct Investments to scale up their blows towards Ghana. As we have started this move, we will continue to seek opportunities as such within Ghana and outside. We commend TC’s Energy team for such a great move to help the economy of Ghana. It is time to cut all the nonsense, this is time for Africa; we know for a fact that many will follow suit as we begin our journey to invest in one of the world’s all time mineral resources producers."
PROJECT INFORMATION
TC’s Energy Limited has signed a 20 year Power Purchase Agreement with the government of Ghana through the government’s electricity utility company, Electricity Company of Ghana Limited (ECG). According to the PPA, the government will purchase a total of 1000 MW of electricity from TC’s Energy Limited for a period of 20 years and this will translate into $950 million of annual revenues for TC’s which values the contract at $17 billion. Milost has committed to fund all the costs of moving the project from pilot to full production of 1000 MW in return for equity in the company.
Mandla J. Gwadiso, the Chief Investment Officer of Milost Global Inc, also stated, “Electricity is central to any economic development undertaking, as we all know that businesses can’t operate without electricity and people in this age can’t live without it. It is therefore on such basis that Milost is investing in TC’s Energy. Our aim is to invest in the base foundations of economic development and therefore open doors for other investors to enter a market with a proven foundation and potential for growth. After all, Africa is still young and we believe in investing in the shaping of what a baby could become and in that respect, we attract more partnerships that could grow Africa and give it the platform that makes America great. For success to be achieved, faith, strong partnerships, resilience, patience, ambition and a will to become are the fundamental characteristics for any contrarian investor. This is just the beginning of our footing into Ghana and Africa and however long it takes, we are sure to endure the ride."
Vice-President of Africa operations at Palewater Advisory Group Inc, Sandile Magubane, from Palewater’s Johannesburg office had this to say, ”I thank Anthony Opoku for hiring our firm to advise on this transaction and this is the largest transaction that Palewater has advised on in Africa in its 3 months presence in the continent and we are looking forward to see this project in full operation soon. It is visionaries like Mr. Opoku that keep us on our toes and we hope to get more mandates of this magnitude in the future as we seek to help and advise governments, corporations and entrepreneurs in Africa to become great. We do this by structuring and modelling transactions in a matter that makes sense to our investment network in Wall Street. We also thank MB Africa Investments in Africa and Bridgewater Advisory LLC in Ghana for their assistance and partnership in this transaction."
About TC’s Energy Limited
TC’s Energy Limited, established in 2013, is a Ghanaian Limited Liability Company. It is a Ghanaian Independent Power Producer seeking to generate 1,000 megawatts per hour (MW/H) of electricity from sea waves, in the Gulf of Guinea. The objective of TC’s Energy is to introduce wave power as a sustainable alternative of generating electricity to meet Ghana’s medium to long-term power challenges. The sea waves energy park to be put up at Ada (a suburb of the Greater Accra Region) has successfully completed its piloting programme and is currently about to add on capacity to start generating in commercial scale. It is the vision of TC’s Energy to be the key leader in production and distribution of bulk electricity to feed the national grid of Ghana, Africa and beyond. www.tcenergy-gh.com
About Milost Global Inc
Milost Global Inc is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is at the intersection of creative investing and value creation. Milost is also a provider of alternative capital, mezzanine finance, and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development. www.milostglobal.com
About Palewater Advisory Group Inc.
Palewater Advisory Group is a multinational corporate and public affairs advisory firm with headquarters in New York. We specialise in cross-border and M&A transactions, financing, public affairs, political campaign capital raising and strategy. Collectively as the team, we have had an excellent track record with more than 1000 references in our line of advisory work. We have a robust and yet solid network of contacts with specific focus on certain core industries, investment and banking communities. Our directors, leaders, professionals, and senior advisors collectively provide access to senior industrial, political, economic, government and financial decision makers throughout the world.
We provide individual and personal advice and react swiftly to our clients’ needs, while always providing direct access to the team, including the partners involved. As a professional services firm, we provide the best possible advice based on confidentiality and total discretion. We are committed to the principles of integrity and client service, and operate free from any conflict of interest. www.palewateradvisory.com