Tracing Genser Energy’s growth across corporate, commercial, and financial milestones

Genser Power Inc (GPI) established in USA

Genser Power Haiti, Colombia, Ecuador formed under GPI to build CHPs and plants for industries and E&P companies.

GPI joint venture establishes Genser Energy

GPI JVs with Genser Energy’s current CEO & Chairman to form Genser Power Ghana Limited (GPGL). Initial Board includes Hugo Tribin, Pablo Tribin (Chairman), Nana Osae Nyampong and Baafour Asiamah-Adjei (CEO)

1st PPA for GSR Bogoso

GP Bogoso Plant comprised 2 x GE Frame 5 gas turbines running on Crude Oil

1st Senior Loan of US $1.5M (Fidelity Bank Ghana)

Funds used to complete GP Bogoso Plant

1st Genser Energy Reorganization

Genser Power Africa Inc (GPAI) established in BVI with Nana, Baafour and GPI as shareholders. GPGL transferred to GPAI.

2nd PPA (Unilever Tema)

GP Tema Plant comprised Rolls Royce Allison 501 KB7 (now Siemens SGT A05) in CHP producing 15 tons/hour of steam. Plant run on LPG.

2nd Senior Loan of US $3M (Fidelity Bank Ghana)

Funds used to complete Unilever Tema

3rd Senior Loan of US $18M (Fidelity Bank Ghana)

Funds used to complete GP Chirano Plant

1st PPA for GSR Bogoso

GP Bogoso Plant comprised 2 x GE Frame 5 gas turbines running on Crude Oil

2nd PPA for Unilever Tema

GP Tema Plant comprised Rolls Royce Allison 501 KB7 (now Siemens SGT A05) in CHP producing 15 tons/hour of steam. Plant run on LPG.

3rd PPA (Kinross Chirano)

GP Chirano comprised Coal Gasification of Powder River Basin Coal coupled with boilers and Siemens steam turbine. Currently comprises 3 x Solar Titan 130 gas turbines on natural gas.

2nd Genser Energy Reorganization

GPAI renamed Genser Energy Africa Inc (GEAI).
GPGL renamed Genser Energy Ghana Limited (GEGL).
Nana & Baafour buy-out GPI shares in GEAI with Nana becoming Chairman and Baafour remaining CEO.

4th PPA (Gold Fields Tarkwa) & 5th PPA (Gold Fields Damang)

GP Tarkwa Plant currently comprises 3 x Solar Titan 130 and 3 x Solar Mars 100 gas turbines on natural gas. GP Damang currently comprises 5 x Centrax gas turbines and 10 x Jenbacher J320s running on natural gas.

6th PPA (Perseus Edikan)

The GP Edikan Plant currently comprises of 3 x Solar Titan 130 gas turbines on natural gas.

7th PPA (GSR Wassa)

The GP Wassa Plant currently comprises of 3 x Solar Titan 130 gas turbines on natural gas.

3rd Genser Energy Reorganization

Vantage Capital buys Preference Shares in GEAI.
Board expanded to include:
• Luc Albinski
• Yaw Keteku
• Niklaus Freuler

1st Mezzanine Loan of US $30M (Vantage Capital)

Funds used to complete GP Chirano Plant, GP Tarkwa Plant and GP Damang Plant.

4th Senior Loan of US $50M (CAL Bank Ghana)

Funds used to complete GP Tarkwa Plant and GP Damang Plant.

5th Senior Loan of US $150M (Barak Funds SPC)

Funds used to re-fi existing senior loan balances and fund 1st pipeline BP01.

6th Senior Loan of US $366M (SBSA, NEDBANK, DBSA, BARCLAYS)

Funds used to fund GP Wassa Plant, GP Edikan Plant, and pipelines (PP01, BP02, & BP03).

7th Senior Loan of US $425M (DBSA, SBSA, ABSA, SG, NINETYONE, MCB, TRAFIGURA, TRILINC, BARAK)

Funds used to fund the Prestea GCP, PP03 pipeline and Takoradi NGL Terminal. This includes a power plant (GP Prestea Plant) for the Prestea GCP.

4th Genser Energy Reorganization

The 2018 reorganization includes formation of Genser Energy Holdings Limited in Mauritius under GEAI to enable Africa50 investment.

5th Genser Energy Reorganization

Africa50 & Barak Funds SPC buy Preference Shares in GEHL which is used to take-out Vantage Capital Preference Shares.
Luc Albinski and Yaw Keteku resign from Board with Raza Hasnani (Africa50) joining.

6th and 7th PPAs expand operating footprint

The timeline shows expansion through projects such as Perseus Edikan and GSR Wassa, reflecting an important commercial growth phase.

GNPC Pipeline Capacity Agreement

6th Genser Energy Reorganization

• Genser Energy Investments LLC (GEIL) is formed in USA to enable Oppenheimer & Partners (OP) to invest in Genser Energy.
• GEHL sold to GEIL.

7th Genser Energy Reorganization

• OP buy Preference Shares in GEIL which is used to take-out Africa50 and Barak Preference Shares.
• Genser Energy Burkina Faso (GEBS) formed.
• Raza Hasnani resigns from Board with Jacob Hinson (OP) and Frederic Dupouy (OP) joining.

8th Genser Energy Reorganization

• OP Preference Shares converted to common equity in GEIL.
• GEGL sold to GEIL by GEHL as required by Senior Lenders.
• GEHL renamed to CTEL.
• Neeraj Shah (OP) joins board as Frederic Dupouy resigns.
• Baafour Asiamah-Adjei donates shares of GEIL to Aforo Asiamah-Adjei
• Charitable Foundation (AAACF).

9th Genser Energy Reorganization

• OP acquires additional shares in GEIL to become largest investors in GEIL.
• Nana Osae Nyampong donates shares of GEIL to Summit School of Medicine (foundation for medical schools in Ghana).
• Genser Energy Cote d’Ivoire (GECS) established.
• Niklaus Freuler resigns from board.

8th PPA (Orezone Bombore)

GP Bombore plant comprises 4 x dual fuel PROGEN engines running on natural gas and diesel.

Trafigura NGL Offtake Agreement

9th PPA (CI-Energies)

Each plant (GP Chirano, GP Tarkwa, GP Wassa, GP Edikan Plant and GP Prestea) to be converted to CCGT with excess power exported.

Large-scale financing supports major infrastructure growth

Later entries include major senior loan milestones, including the US $425M loan package and 2024 lender developments.

10th Genser Energy Reorganization

The PDF lists the 10th reorganization in August 2024, including board changes and new leadership appointments.

9th PPA (CI-Energies)

Each plant (GP Chirano, GP Tarkwa, GP Wassa, GP Edikan Plant and GP Prestea) to be converted to CCGT with excess power exported.

10th PPA (SONABEL)

PPA is suspended by mutual consent.

10th Genser Energy Reorganization

• Jonathan Oppenheimer (OP) joins board as Jacob Hinson resigns.
• Johannes de Beer, Genser Energy’s VP Mid Stream, joins board.

8th Senior Loan and New Lender

• Rand Merchant Bank (RMB) buys out all GEGL TriLinc assets to become GEGL’s new Mezzanine and Senior Lender
• DBSA obtains credit approval to lend EUR72m as the final tranche of the EUR144m equipment loan to GECS

Genser combines Natural Gas Pipeline and Midstream Business units into one Midstream Business Unit

Cote d’Ivoire corporate reorganization to incorporate a new holding entity, Genser Energy Cote d’Ivoire Holding S.A. ("GECH") to own the previously incorporated  Genser Energy Cote d’Ivoire S.A. (“GECS”) and the recently incorporated GECS Taboth S.A (("GETS") owner of the proposed GP Taboth power plant project.

PPA executed with TMC Mining Ltd (Bawdie Mine). Power will be delivered either through the GRIDCo transmission network or via a dedicated 33 kV line.

PPA executive with TW Mines Ltd (Obuasi Mine). Power will be delivered either through the GRIDCo transmission network or via a dedicated 33 kV line.

PPA executed with Asante Gold Bibiani Limited (Bibiani Mine). Power will be delivered either through the GRIDCo transmission network or via a dedicated 33 kV line.

Renegotiation of the GNPC Gas Supply Agreement (GSA) and Pipeline Capacity Agreement (PCA), with agreements being restructured into a standalone GSA and a separate Pipeline Reservations Agreement.

Circa US$430m Decarbonisation Financing

. ($200m term loan and EUR 200m RCF) refinancing all GEGL senior and mezzanine debt with RMB, Standard Bank, DBSA, Absa, Trafigura, and MCB
. EUR 200m refinancing and upsizing of the existing GECS equipment loan to support plant expansion and combined cycle conversion across all Genser plants, aligned with the energy transition strategy.
. EUR 30m uncommitted invoice discounting facility established to support GECS billing cycles and working capital management.
. Restructuring of existing CTEL preference shares into (i) a US$30m senior loan and (ii) a US$9.7m preference share, with Barak as lender.