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Sunon Asogli Power Ltd. has declared that it would cease operations because the Electricity Company of Ghana (ECG) is unable to settle its $259 million debt.
In an October 16, 2024, statement, the corporation stated that the debt forced them to close on October 8 at 5 PM.
“This difficult decision was necessitated by our inability to fund our operations because of the failure of the ECG to honour their overdue payment obligations and their various promises to that effect”, the statement said.
It clarified that, in contrast to other independent power producers, Sunon Asogli Power has not billed ECG for accumulated idle capacity costs and has been extremely thoughtful in its interactions with the government and ECG over the years.
“Despite this, ECG owes Sunon Asogli a net receivable amount of $259 million as of the end of September 2024”.
“Our debt has grown by 23 per cent on the net balance, between January 2024 and September 2024 and only 22.6 per cent of the invoices for the period has been paid by ECG from the Cash Waterfall Mechanism”, the company lamented.
Read the full statement below:
Source: Ghanatodayonline.com
