TAQA finalises US$330 million financing for Ghana plant

powerThe Takoradi 2 facility is the first independent power producer (IPP) in Ghana. (Image source: Andrea Kratzenberg/sxc.hu)Abu Dhabi National Energy Company (TAQA) and partner Volta River Authority (VRA) have announced the completion of US$330mn financing for the expansion of Ghana’s Takoradi 2 power facility

The project will involve the pair converting a gas-fired plant to a combined cycle unit, boosting output from 220MW to nearly 330MW without the need for additional fuel consumption.

The plant has previously been converted from a primarily oil-fired plant to natural gas, as Ghana looks to move its power industry towards cleaner fuels.

The extra power produced will be sold to VRA under a 25-year power purchase agreement.

The International Finance Corporation (IFC), part of the World Bank Group, together with a consortium of international development finance institutions led by FMO, will finance the project. Lenders include the African Development Bank, Emerging Africa Infrastructure Fund and Proparco.

“This expansion will help Ghana’s growing population meet their energy needs and provide the power needed for economic growth,” said Frank Perez, executive officer at TAQA.

The Takoradi 2 facility is the first independent power producer (IPP) in Ghana, and currently produces around 15 per cent of the country’s total power.

The expansion is scheduled for completion in 2015.

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