Business News of Wednesday, 30 January 2013
Source: Daily Guide
The expanded Takoradi 2 Power Plant is scheduled for commissioning in 2015.
The Takoradi 2 Power Plant is Ghana’s first Independent Power Project (IPP) and currently represents approximately 15 percent of the country’s installed capacity.
A press release issued recently by the Abu Dhabi National Energy Company PJSC (TAQA) and Volta River Authority (VRA), financiers of the project, said the $30 million project, which started in 2012, will convert existing gas-fired plant into a combined cycle unit and increase output from 220 megawatts (MW) to approximately 330 MW without additional fuel.
The extra energy, the company noted, would be sold to VRA under the terms of a revised 25-year power purchase agreement.
The plant, prior to the expansion project, was oil-fired.
Lenders participating in the project include the African Development Bank, Deutsche Investitions-und Entwicklungsgesellschafte, Emerging Africa Infrastructure Fund, ICF-Debt Pool and Proparco.
Also, the Organization of Petroleum Exporting Countries (OPEC)’s Fund for International Development and the Canada Climate Change Program are participating alongside International Finance Company.
“We are proud to have brought so many respected lenders together for this strategic energy project. This expansion will help Ghana’s growing population meet their energy needs and provide the power needed for economic growth,” Frank Perez, Executive Officer and TAQA’s Head of Power & Water, emphasised.
Owned by Takoradi International Company, a joint venture between TAQA (90 percent) and VRA (10 percent), the Takoradi 2 plant is the first IPP in Ghana to utilise project financing.
Its engineering, procurement and construction contract with an approximate value of US$ 260 million was awarded to a consortium comprising Mitsui & Co (Japan) and KEPCO E&C (Korea) in 2011.
Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).
TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production and emerging & alternative energy technologies.