(MENAFNEditorial) iCrowdNewswire - Jul 24, 2017 NEW YORK- TC'S Energy Limited. (the "Company" or 'TC'S), a Ghana based independent power producer developing a 1000MW Seawave power project in Ghana, today announced that it has engaged Palewater Advisory Group Inc ("PAG"), a leading investment banking firm headquartered in New York, as the Company's corporate finance advisor to provide strategic advisory services, in particular related to assisting in the development of a financial strategy for the construction of the power project, advise on the IPO of the company in the US and the capital raising of $2 billion or more. PAG will also focus on assisting TC'S in creating and executing new strategies for maximizing shareholder value through its full scope of investment banking services.
Pursuant to the advisory that commenced on July 10, 2017, PAG has received an engagement fee of $250,000 and will continue to receive on the first day of each month of the twelve-month term, $30,000 (USD). In addition, the agreement entitles PAG to specific success-based compensation, along with the raising of $2 billion.
"We chose to partner with Palewater because of their successful track-record as a respected, multinational investment banking firm and we look forward to their advice and guidance with respect to our important strategic decisions," said Anthony Opoku, President & CEO of TC'S Energy Limited. "Their Energy team will be an invaluable partner in the execution of our growth strategy, added Mr. Opoku.
'TC'S Energy is developing the largest power project in West Africa and given Ghana's current electricity shortages and demand, TC'S is poised to become one of the largest companies in Ghana both by market size and revenue. We are delighted to be part of this amazing journey with TC'S Energy and we thank Mr. Opoku for the faith he continues to demonstrate in us at Palewater, said Solly S. Asibey, Group CEO of MB Africa Investments and Senior Partner at Palewater Advisory Group (Africa) in Johannesburg.
'TC'S Energy Project will significantly impact Ghana's energy generation capacity and positively stimulate the nation's economic health. Bridgewater Advisors Limited (Ghana) is therefore delighted to partner Palewater Advisory Group (Africa) and MB Africa Investments on this groundbreaking capital raising agenda, said Prosper D. Melomey, CEO, Bridgewater Advisors.
About the project.
TC'S Energy Limited ('TC'S) is a wholly owned Ghanaian Independent Power Producer seeking to generate 1,000 megawatts per hour (MW/H) of electricity from sea waves, in the Gulf of Guinea. The objective of TC'S Energy is to introduce wave power as a sustainable alternative of generating electricity to meet Ghana's medium to long-term power challenges. The sea waves energy park to be put up at Ada (a suburb of the Greater Accra Region) has successfully completed its piloting programme and is currently about to add on capacity to start generating in commercial scale. It is the vision of TC'S Energy to be the key leader in production and distribution of bulk electricity to feed the national grid of Ghana, Africa and beyond. Brian K. Kistler, President & CEO of Palewater Advisory Group Inc in New York, stated, 'We are delighted to be invited by TC'S Energy Limited to advise on such a large transaction. The government support that this project continues to enjoy is overwhelming and given the fact that TC'S has already secured an off-take agreement with the government of Ghana, PAG will use that as a springboard through which sufficient capital for the development and operation of the project is raised. We look forward to a fruitful relationship with one of Ghana's most astute businessman Mr. Anthony Opoku and his team.
About TC'S Energy Limited.
TC'S Energy Limited, established in 2013, is a Ghanaian Limited Liability Company. The company boasts a dynamic team of technical and operational professionals who are experts within the energy and power sectors. The Company has strategic partnerships with international partners and OEM's, and as such leverages off the best practices of its group of partners to provide cost effective and sustainable solutions within its focus areas. .
About Palewater Advisory Group Inc.
Palewater Advisory Group is a multinational corporate and public affairs advisory firm with headquarters in New York. We specialise in cross-border and M & A transactions, financing, public affairs, political campaign capital raising and strategy. Collectively as the team, we have had an excellent track record with more than 1000 references in our line of advisory work. We have a robust and yet solid network of contacts with specific focus on certain core industries, investment and banking communities. Our directors, leaders, professionals, and senior advisors collectively provide access to senior industrial, political, economic, government and financial decision makers throughout the world.
We provide individual and personal advice and react swiftly to our clients' needs, while always providing direct access to the team, including the partners involved. As a professional services firm, we provide the best possible advice based on confidentiality and total discretion. We are committed to the principles of integrity and client service, and operate free from any conflict of interest.
For more information Brian K. Kistler Tel: +1-212-709-8206
Fax: +1-212-943-2300
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