Cenpower turns the screws on Group Five with claim
Ghanaian company wants construction firm to cover costs to complete Kpone power project
Group Five and Cenpower Generation are heading for a legal showdown after the Ghanaian firm slapped the construction company with a $60.5m claim to complete a delayed power project in that country. Cenpower’s latest claim, which is in addition to $62.5m that the firm has already received for project delays, further pins the cash-strapped Group Five against the wall as woes associated with the Ghana project pile up. The latest news sent Group Five’s shares into a freefall, as they slumped as much as 67.7% to an all-time low of 11c in early trade on Thursday. It recovered to close 26.5% down at 25c. Cenpower Generation is a special purpose vehicle created to develop the Kpone independent power plant in the Tema industrial zone, close to Ghana’s capital, Accra. In 2014, Cenpower awarded Group Five the contract to design and construct the Kpone plant. The two companies have been at loggerheads over significant delays in the project, which was initially supposed to come on stream in ...
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