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BPA to meet winners of ECG concession deal on debt clearance

  • SOURCE: citibusinessnews.com | Citi FM
    • POSTED ON: November 8, 2018
    • CATEGORY:

    The CEO of the Bui Power Authority (BPA) Fred Oware has revealed that the authority will next week hold talks with Meralco Consortium, the winners of the ECG concession, for a new contract that will ensure that the Bui Power Authority gets paid regularly for the power it supplies to ECG.

    Currently, ECG owes Bui Power Authority about US 250 million Dollars for power provided since they started operations till date.

    But speaking on the current state of the BPA to journalist, Mr Oware said he was confident the second and third tranches of the ESLA bond in addition to a new contract with Meralco Consortium, will provide for them to ensure that they continue to operate effectively.

    “We do have a power purchase agreement and we have absolutely no difficulty in our generating abilities. We’ll continue to maintain the plant in a manner that will assure us of continue generation. With respect to the payment of monies owed the Bui Power Authority, we are set to meet the new concessionaire next week for agreements on an effective payment model. This is to make sure that whatever new bills is given to them in a month they are able to make payment. We don’t have any fears in those areas.”

    He also expressed confidence of receiving a part of the second and/or third tranche of the ESLA bond as and when disbursements are made.

    “We believe the 2ND and 3RD tranches of the ESLA bond will cater for the old debt of the authority. You must however be aware that since the authority is a public institutions we aren’t worried about the debts as long as we remain publicly funded, public owned and generate power for the public good. We believe the money will come for us to be paid.”

    The CEO of the BUI Power authority Fred Oware. He was speaking to journalists at a two-day media workshop to update journalists on the workings of the authority.

    The CEO was quick to reiterate that the authority remains a key contributor of power to the national grid and will continue to do so.

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