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President of Ghana inaugurates TAQA power plant expansion

Takoradi, Ghana – TAQA, the global energy company based in Abu Dhabi, celebrated the ground-breaking ceremony of the Takoradi 2 power plant expansion project in Ghana. Once complete, the plant will account for approximately 15 per cent of Ghana’s generation capacity, providing power to more than a million people.The ground-breaking ceremony was held in Takoradi in the presence of John Dramani Mahama, the President of Ghana; Emmanual Armah-Kofi Buah, Minister of Energy of Ghana; Khalid Al-Ghaith, Assistant Foreign Minister for Economic Affairs for the United Arab Emirates; and Nananom (local Chiefs). Addressing guests during the ground-breaking ceremony held at Takoradi power plant, John Dramani Mahama, the President of Ghana said: “The Takoradi 2 expansion project reflects our energy for growth programme aimed at increasing investments in the energy sector to build capacity for the future. The role of independent power producers has become vital and the partnership of TAQA and VRA has demonstrated that Public-Private-Partnerships (PPP) work in Ghana. The plant’s excellent record of over 95% availability since 2000 is not only a demonstration of the successful implementation of the PPP framework but also the significant development of technology capacity of Ghana.During his speech, Khalid Al-Ghaith, Assistant Foreign Minister for Economic Affairs for the United Arab Emirates, said: “We are encouraging investments in Africa and will continue to back our sovereign companies such as TAQA. We look forward to strengthen the relationship between Ghana and UAE and look forward to seeing more official visits and further agreements.Carl Sheldon, Chief Executive Officer at TAQA, said: “The Takoradi 2 power plant expansion project builds on TAQA’s position as a trusted operator of strategic energy infrastructure in Ghana. By deploying a world-class combined cycle turbine in Takoradi, we are helping Ghana to meet its growing energy needs while increasing the efficiency of the electricity generation system.”The expansion project supports the Ghanaian Government’s efforts to develop the country’s electricity sector and promote the use of indigenous natural gas supplies. When completed, the expansion will increase the plant’s output from 220 megawatt (MW) by 50 per cent to approximately 340 MW without requiring extra fuel or producing additional emissions. In 2011, TAQA and VRA upgraded the plant from burning imported oil to primarily burn natural gas.TAQA acquired a 90 per cent share in the Takoradi 2 plant in 2007. The Volta River Authority (VRA), the main generator of electricity in Ghana, holds the remaining 10 per cent. TAQA is operator of the facility.TAQA obtained Ghanaian government approvals last year and completed the project financing arrangements in January 2013. The expansion, being built by Mitsui & Co (Japan) and KEPCO E&C (Korea), is scheduled for commissioning in the fourth quarter of 2014.The 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. The lenders participating in the consortium include the African Development Bank, Deutsche Investitions-und Entwicklungsgesellschafte, Emerging Africa Infrastructure Fund, ICF-Debt Pool and Proparco. The Opec Fund for International Development and the Canada Climate Change Program are participating alongside IFC.TAQA’s is the largest independent power producer in the Middle East North Africa region, with a total gross power generation capacity of 16,395 MW and a water desalination capacity of 887 Million Imperial Gallons per Day (MIGD).Takoradi 2 is TAQA’s second expansion project in Africa following the USD 1.6 billion expansion of the company’s Jorf Lasfar power plant in Morocco.- ENDS –