Sunon Asogli Power Shuts Down
Independent Power Producer (IPP), Sunon Asogli Power Limited has announced a shutdown over accumulated debt by the Electricity Company of Ghana.
The company says the debt has grown by 23% on the net balance, between January 2024 and September 2024 to $259 million.
The debt, it said, has left them less endowed to continue operating since October 8, 2024.
“Sunon Asogli Power (Ghana) Limited regrets that they have been compelled to suspend operations since Tuesday, 8th October 2024. The shutdown happened at 5 PM that day. This difficult decision was necessitated by our inability to fund our operations because of the failure of the Electricity Company of Ghana to honour their overdue payment obligations and their various promises to that effect.”
“Our debt has grown by 23% on the net balance, between January 2024 and September 2024 and only 22.6% of the invoices for the period have been paid by ECG from the Cash Waterfall Mechanism.”
It explained, “Sunon Asogli Power (Ghana) has over the years been very considerate in its dealings with ECG and the government, and, unlike other independent power producers, has not even invoiced ECG for accrued idle capacity charges.”
Expressing its regret on the impact their shutdown will have on the national power supply, it hoped the Ministry of Finance would intervene in time to salvage the situation.
It may be recalled that Sunon shut down in December 2023 over accrued debt.
Half of the debt was settled within days.
Source: opemsuo.com/Hajara Fuseini
