Sunon Asogli Power (Ghana) Limited has restarted its 560MW power plant operations after Finance Minister Mohammed Amin Adam and Energy Minister Herbert Krapa intervened to provide emergency funding.
The ministers’ actions addressed the financial difficulties caused by the Electricity Company of Ghana’s (ECG) inability to clear overdue payments.
The power plant had been shut down since October 2024, with Sunon Asogli reporting a net receivable of $259 million (excluding fuel) owed by ECG as of September 2024.
Despite not invoicing ECG for idle capacity, Sunon Asogli disclosed that ECG’s debt grew by 23% between January and September 2024, with only 22.6% of invoices settled through the Cash Waterfall Mechanism during that period.
But in Monday’s statement, the company said, “We have submitted our final version of the Restructuring Terms Sheet to the Ministry of Finance and ECG in August for finalization and signing soon. We are confident that a win-win solution that will ensure the stability and reliability of Ghana’s energy will be achieved.”
“We hope that the ECG can adhere to the spirit of the contract and diligently honour their financial obligations in the PPA.”
Sunon commended Vice President Dr. Mahamudu Bawumia for his intervention in ensuring the payment.
The resumption of operations is expected to stabilize power supply and address concerns over financial sustainability in Ghana’s energy sector.
