Sunon Asogli Power Ltd. has halted operations following the Electricity Company of Ghana’s (ECG) failure to settle a $259 million debt.
In a statement released on October 16, 2024, the company revealed that it shut down on October 8 at 5 PM due to the unpaid amount.
“This tough decision stems from our inability to keep operations running, as ECG has consistently failed to honour its overdue payment obligations, despite several assurances,” the statement read.
Further, the company highlighted its longstanding cooperation with ECG and the government, noting that, unlike other independent power producers, it has refrained from charging for idle capacity.
“Nevertheless, ECG owes us $259 million as of the end of September 2024,” Sunon Asogli stated.
The company further disclosed that its debt grew by 23% between January and September 2024, while ECG has only paid 22.6% of the invoices for this period through the Cash Waterfall Mechanism.
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