ACCRA, Ghana, Aug. 14, 2017 (GLOBE NEWSWIRE) -- TC’S Energy Limited a Ghana based power producer, is pleased to announce that today it has signed the financing agreement and closed the transaction with Milost Global Inc. under the Mesa Fund 1, a global opportunity fund that is managed by Milost Global Inc. This is a financing facility of up to $2 billion is for the funding of the development of the Seawave Power Project in Ghana, which has currently completed its pilot operation and will be going into the first phase production in the next six months. The transaction was advised by Palewater Advisory Group Inc, a team led by Sandile Magubane, Vice President of Palewater Advisory in Africa in association with MB Africa Investments (Pty) Ltd and Bridgewater Advisors Limited in Ghana.
President & CEO of Milost Global, Egerton Forster, stated, "Now we are excited to be backing up TC’S in its efforts to power up every street, every home, every business and every town in Ghana and aid the government of Ghana’s plan to develop Ghana as one of the largest conduits for FDIs."
Anthony Opoku, the CEO of TC’S Energy Limited, said, "Coming to a financial close with Milost Global Inc., is such a wonderful accomplishment and we look forward to our first drawdown which will put us in motion for full commercial energy generation. I want to express my sincere gratitude to the advisory team working tirelessly on the financing of this project, that is, Palewater Advisory Group Inc, MB Africa Investments, and Bridgewater Advisors.”
Mandla J. Gwadiso, the Chief Investment Officer of Milost Global Inc also stated, "This is a good step towards building a great future for Ghanaians, a life full of opportunities and businesses reaching their full potential and mostly the electricity intensive industries such as manufacturing and mining. We truly look forward to the full capacity production at the plant and the employment opportunities that will boost the economy of Ghana through this project."
Sandile Magubane, the Vice-President of Palewater Advisory Group in Africa, also had this to say, “It has been an exciting journey and now the real work is about to begin, we want to thank our partners in Ghana MB Africa and Bridgewater for their commitment and hard work that have helped us reach this milestone as a collective. At Palewater, we continue to look for opportunities of this kind, where we believe that our advisory services and investor network will meet the capital demands of the African businesses, in an effort to prove that Africa as emerging as it may be, is a global player that the entire universe can’t do without."
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 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
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