Welligence Sub-Saharan Africa M&A | AFC doubles down with Aker Energy in Ghana
April 17, 2023
On 14th April 2023, Africa Finance Corporation (AFC) agreed to acquire all the shares of Aker Energy, a subsidiary of the Norway-based Aker Group. AFC has provided US$200 million in senior secured bonds to Aker Energy. Aker Energy’s sole asset is its 50% stake in the Deepwater Tano Cape Three Points (DT/CTP) block. With Western investment banks retreating from oil and gas financing, E&Ps (particularly small independents) have been struggling to secure financing. AFC’s investment in Aker Energy underscores the commitment of African financial institutions to plug this financing gap.