Abu Dhabi Energy Company completes financing for Ghana power plant expansion
Monday, 28 January 2013
ABU DHABI: Abu Dhabi National Energy Company PJSC (TAQA) and its partner, Volta River Authority (VRA), have completed the USD 330 million financing for the expansion of the Takoradi 2 power plant in Ghana.
The expansion project will convert the existing gas-fired plant into a combined cycle unit, increasing its output from 220 megawatts (MW) to approximately 330 MW without requiring additional fuel. This represents an addition of 50% capacity without increasing carbon dioxide emissions.
The extra energy will be sold to VRA under the terms of a revised 25-year power purchase agreement. The plant was recently converted from primarily an oil-fired plant to one fuelled by natural gas as part of a considered effort within Ghana's power generation industry towards cleaner-burning fuel.
The USD 330 million project financing is being provided by the International Finance Corporation (IFC), a member of the World Bank Group, and a consortium of international development finance institutions led by FMO, a development bank majority-owned by the Dutch government that supports sustainable private sector growth in emerging markets. (QNA)