Mitigating Risks of Privately Financed Power Projects in Sub-Sahara Africa (

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Mitigating Risks of Privately Financed Power Projects in Sub-Sahara Africa (“SSA”)

Kingsley Osei, Lead Contracts Counsel, State University of New York, USA

In 2014, the forty-nine Sub-Sahara Africa (“SSA”) countries, with a combined population of more than 800 million, had an installed electric power generation capacity of 92 Gigawatts (GW). This figure compared to Spain, a country with a population of 45 million had 106 GW of installed electric power generation capacity. Thus, in 2014, while the average per capita consumption of electric power in SSA was 514 per kWh, that of Spain was 5356 per kWh. Examined differently, between 1990 and 2013, SSA (outside South Africa) added a net investment representing 15.63 GW capacity of installed electric power generation, far below its requirements. To remedy this requirements gap, countries in SSA will need about $288B to provide universal access to electric power for their citizens by 2030. Governments and developmental financial (“DIFs”) institutions such as the World Bank and the Overseas Investment Corporation (“OPIC”) are the principal funding sources of power projects in SSA. However, privately funded independent power producers (“IPPs”) has been the fastest-growing source of investment in recent times. Excluding South Africa, total IPP investment for projects in SSA between 1990 and 2013 was $8.7 billion. Added in 2014, was another $2.3 billion.

Kingsley Osei is a United States-based attorney specializing in project finance, bond finance and appropriations finance of both conventional and renewable energy projects in both the US and developing countries. He also advises his clients on energy management and planning. In connection with this, he works with an electricity rate intervening consortium on utility rate-making matters before the New York State Independent System Operator (NYISO) and New York State Public Service Commission. Previously, he was counsel with the Volta River Authority in Ghana where he advised the electric utility on the construction and operation of hydroelectric and thermal plants. He holds a Masters of Law degree (LLM) from Boston University School of Law, University of Ghana Law School (Barrister at Law) and the University of Ghana, Faculty of Law (LL.B). Kingsley is admitted to practice law in the State of New York and the Republic of Ghana. He has published extensively on procurement and infrastructure finance. He also teaches/lectures on policy and transactional courses on structured and topical issues about the development and operation of conventional and renewable power plants. Recently, Kingsley has been very instrumental in advising his clients in the implementation of New York State energy policy through the regulatory overhaul that will require power utilities and Load Serving Entities that buy power from the New York State wholesale market to utilize fifty percent renewables by the year 2030.

State University of New York (SUNY) is the largest and most comprehensive state university system in the United States. It was officially established in February 1948 to create a state university system to serve New York State. Since 1948, SUNY has grown to include 64 individual colleges and universities that were either formerly independent institutions or directly founded by the State University of New York. The 64 geographically dispersed campuses bring educational opportunity within commuting distance of virtually all New Yorkers and comprise the nation's largest comprehensive system of public higher education. SUNY's 64 campuses are divided into four categories, based on educational mission, types of academic opportunities available and degrees offered. SUNY offers students a wide diversity of educational options including short-term vocational/technical courses, certificate, associate, and baccalaureate degree programs, graduate degrees and post-doctoral studies. SUNY provides access to almost every field of academic or professional study within the system via over 7,000 degree and certificate programs.

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