By: Marcella Mwinkoma Babing
Ghanaian energy investment company Chai Energy is preparing to raise approximately US$300 million equivalent to about GH¢3.5 billion, through a proposed Initial Public Offering (IPO) to acquire stakes in two existing independent power producers.
The proposed offer, reported on Wednesday, October 28, could become the largest IPO in the history of the Ghana Stock Exchange if completed at the indicated size. The company has applied to the Securities and Exchange Commission for approval, with the offer tentatively targeted for November 2026.
Unlike companies seeking funds to build new power plants, Chai Energy intends to invest in existing facilities, including Bridge Power in Tema and Twin City Energy in Aboadze. The plan could give individual and institutional investors an opportunity to participate in Ghana’s electricity-generation industry.
The proposed fundraising comes as authorities work to address persistent financial challenges in the power sector, including outstanding payments to independent power producers. Although government efforts to improve payments could support investor confidence, the financial performance of the underlying power plants will remain critical to the success of the offer.
The transaction is also expected to offer investors preference shares with returns linked to the US dollar, according to the report. However, the final terms, regulatory approval and risks associated with the investment will be important considerations for prospective investors.
If successful, the IPO could mark a significant development in Ghana’s capital market by creating another channel for mobilising domestic savings into the energy sector.
The key question now is whether the proposed offer will attract sufficient investor interest and deliver sustainable returns while helping Ghanaian investors secure a greater stake in the country’s power industry.
