• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Sunon Asogli Power halts plant shutdown following Gov’t readiness to partly settle debts

2 years ago
in Business, Economy, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
178
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Sunon Asogli Power halts plant shutdown following Gov’t readiness to partly settle debts

Sunon Asogli Power (Ghana) Limited has temporarily suspended the indefinite shutdown of its 560MW plant, citing intervention and assurance from the Minister of Finance and Minister of State. The decision to pause operations comes after the company announced an indefinite suspension due to the government’s delays in meeting financial obligations.

In a statement issued on Monday, the independent power producer expressed gratitude for the ministerial intervention and outlined an interim payment agreement. According to the statement, the company is set to receive $60 million in two tranches, with the first $30 million slated for disbursement this week and the second tranche scheduled for the week of December 11, 2023.

“Kindly confirm our understanding that we shall be paid an interim sum of $60 million in two tranches. The first tranche $30 million to be paid this week and the second tranche in the week of 11th December 2023,” read parts of the statement.

The initial decision to indefinitely suspend operations, effective December 4, 2023, was attributed to the government’s delays in honoring financial commitments to Sunon Asogli Power (Ghana) Limited. The company highlighted accumulating unpaid bills impacting its operational capacity and deemed the situation unsustainable without addressing these financial challenges.

“Sunon Asogli Power (Ghana) Limited Company announces with regret an indefinite suspension of operations at the Sunon Asogli Power Plant, effective Monday, 4th December 2023 at 6 PM. This difficult decision became necessary due to avoidable delays in payment from the GoG/Electricity Company of Ghana for power supplied, as well as, the unproductive engagements to find an amicable solution to the indebtedness,” it said.

This move underscores the ongoing challenges faced by Independent Power Producers (IPPs) in Ghana, who have consistently raised concerns about the government’s outstanding debt, which reportedly reached $1.6 billion as of July 2023. Despite previous threats to suspend operations and various efforts to address the issue, IPPs continue to grapple with financial uncertainties.

RelatedPosts

New Standards for Economic Data Aim to Sharpen View of Global Economy 

Ghana’s Stock Market Ends July on a High: MTNG and RBGH Lead Bullish Surge

Atlantic Lithium Cuts Deep as Cash Dries Up and Ghana Lease Stalls

The recent reduction in electricity tariffs announced by the Public Utilities Regulatory Commission (PURC) was met with dissatisfaction from IPPs. Dr. Elikplim Apetorgbor, President of the IPPs, expressed concerns that the tariff reduction would impede debt restructuring efforts, further emphasizing the precarious financial position of IPPs in Ghana.

Tags: debtsECGSunon AsogliSunon Asogli Power halts plant shutdown following Gov't readiness to partly settle debts
No Result
View All Result

Highlights

Terri Harper Signs with Jake Paul’s MVP Promotions, Eyes Showdown with Caroline Dubois

Max Verstappen Ends Speculation, Commits to Red Bull for 2026 Season

‘Poisoned Playgrounds’: National NGO Forum Demands Urgent Action to End Child Labour in Galamsey

Fixing the Farmgate to Protect Cocoa’s Future: Farmers Deserve Fairer Price

Crypto Outpaces Traditional Finance: Fastest Growing Companies of 2025

Gov’t Denies Cancelling $1.2bn Bauxite Lease to Rocksure, Dismisses Project Valuation

Trending

Banking & Finance

New Standards for Economic Data Aim to Sharpen View of Global Economy 

August 1, 2025

New Standards for Economic Data Aim to Sharpen View of Global Economy  The cornerstones of our digital...

Ghana’s Stock Market Ends July on a High: MTNG and RBGH Lead Bullish Surge

August 1, 2025

Atlantic Lithium Cuts Deep as Cash Dries Up and Ghana Lease Stalls

August 1, 2025

Terri Harper Signs with Jake Paul’s MVP Promotions, Eyes Showdown with Caroline Dubois

August 1, 2025

Max Verstappen Ends Speculation, Commits to Red Bull for 2026 Season

August 1, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.