Sunon Asogli Power (Ghana) Limited has resumed operations of its 560MW power plant following an intervention by Finance Minister Mohammed Amin Adam and Energy Minister Herbert Krapa.
The ministers facilitated the release of emergency funding to address the company’s financial challenges.
The power plant was shut down in October 2024 due to the Electricity Company of Ghana’s (ECG) failure to settle overdue payments, leaving Sunon Asogli unable to sustain operations.
At the time, the company reported a net receivable of $259 million (excluding fuel) owed by ECG as of September 2024.
Despite refraining from invoicing ECG for idle capacity, Sunon Asogli revealed that the debt had grown by 23% between January and September 2024, with only 22.6% of invoices during that period settled through the Cash Waterfall Mechanism.
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.
