ACCRA, Ghana, July 27, 2017 (GLOBE NEWSWIRE) -- TC’S Energy Limited is pleased to announce that it has executed a $2 billion prelisting financing term sheet with Milost Global Inc (the "Investor") for the sea-wave power project in Ghana. The financing is expected to be comprised of $1.5 billion in equity capital and $500 million in debt. Milost will also finance the total cost of the IPO for the company on the Nasdaq. The company is also expected to appoint a US based Securities Counsel for the purposes of filing the Form S-1 with the SEC in the coming weeks. Milost will immediately appoint a new US based chairman to the Board of TC’S Energy Limited and a US based Chief Finance Officer both of whom will oversee all the financial reporting and other financial aspects of the IPO. On this transaction, TC’S Energy Limited was advised by its lead advisor Palewater Advisory Group Inc and assisted by MB Africa Investments (Pty) Ltd in Johannesburg and Bridgewater Advisors Limited in Ghana.
The Chief Executive Officer of TC’S Energy Limited, Anthony Opoku, stated, “becoming a listed entity on a major stock exchange such as NASDAQ has been our heart desire from the moment we set out to develop this project. The prelisting financing term sheet executed with Milost Global has definitely put us on a path to success and I am extremely happy about the work that is being done by Palewater, MB Africa and Bridgewater.”
The Chief Investment Officer of Milost Global Inc, Mandla J. Gwadiso stated, “This is an exciting time for TC’S and we are glad to be central to that. Our aim is to help TC’S move this plant from pilot to full scale. This is a very large transaction and we are hoping to PRE-IPO the transaction to create liquidity for all the shareholders and also raise additional capital on the market in order to build a strong warchest for the company beyond the seawave project financing. This is very good for the economy and the people of Ghana as the power outages continue to affect a lot of businesses in Ghana, the livelihood of the people of Ghana and hinder economic growth. What Anthony has founded here is an opportunity to better the lives of Ghanaians and it is our intent as Milost to back visionaries of the calibre of Mr. Anthony Opoku.
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.
Sandile Magubane, Vice President of Palewater Advisory Group Africa, also stated, we are happy to be part of this exciting opportunity and mostly that Mr Opoku entrusted us with such a large mandate and we are confident that our contribution to this opportunity, among others, is also a driving force to building one of the largest companies in West Africa and probably the biggest company in Ghana.
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.
The company boasts a dynamic team of technical and operational professionals who are experts within the energy and power sectors. The Company has strategic partnerships with international partners and OEM’s, and as such leverages off the best practices of its group of partners to provide cost effective and sustainable solutions within its focus areas. www.tcenergy-gh.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
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