Josiah
Sunon Asogli Power Ltd has announced the shutdown of its operations due to the Electricity Company of Ghana’s (ECG) failure to settle a $259 million debt. In a statement released on October 16, 2024, the company said it was forced to cease operations on October 8 at 5 PM due to the unpaid debt.
“This difficult decision was necessitated by our inability to fund our operations because ECG failed to honor their overdue payment obligations, despite their various promises,” the statement read.
Sunon Asogli Power noted that it has been patient in its dealings with ECG and the government, refraining from billing ECG for idle capacity charges, unlike other independent power producers. Despite this, ECG still owes the company $259 million as of the end of September 2024.
The company further explained that its debt has grown by 23% between January and September 2024, yet only 22.6% of the invoices for that period have been paid by ECG through the Cash Waterfall Mechanism.
Source:Omanghana.com
