In December 2013 GuarantCo signed its first deal in Ghana, providing a GHC 12m guarantee to Standard Chartered Bank in order to support the construction and operation of an LPG loading and storage terminal in Atuabo, Ghana. The terminal is to provide key supporting infrastructure for domestic LPG to be produced by the Government owned Atuabo gas processing plant.
Quantum Terminals, part of an oil & gas trading group operating in Ghana, required both hard and local currency financing for the project in order better match its revenue profile. Standard Chartered, the Group’s main banker, was unable to provide the full requirement, largely due to Central Bank regulations on single obligor limits. GuarantCo’s guarantee made it possible for Standard Chartered to offer the local currency tranche for the project alongside the hard currency tranche, thereby helping the company to achieve an optimal currency mix in the financing.
Ghana suffers from a severe lack of gas supply infrastructure, resulting in low penetration of LPG and high usage of wood and charcoal (taken from largely non-renewable resources), both of which produce high levels of CO2 emissions relative to LPG.
With domestic LPG production due to start in 2014, Quantum Terminal’s facility provides critical support infrastructure, facilitating the flow of domestic LPG to the end user.
GuarantCo’s support enabled Quantum to raise the required local currency financing component for the project, which will contribute to increasing availability of affordable LPG in the country, thereby helping to lower CO2 emissions and rates of deforestation.
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