Abu Dhabi’s TAQA acquires $355m facility for gas-fired power plant expansion in Ghana

The Abu Dhabi National Energy Company PJSC (TAQA) said July 16, 2012 that it has secured a $355 million of project financing for the 110 megawatts expansion of the gas-fired Takoradi 2 (T2) power plant in Ghana.

In a statement, TAQA said the project financing is being provided by the International Finance Corporation (IFC), and a consortium of international development finance institutions including the African Development Bank (AfDB), Agence Française de Développement (AFD), and Deutsche Investitions- und Entwicklungsgesellschaft (DEG).

The African Development Bank (AfDB) yesterday July 16, 2012 announced its approval of a $60 million loan for the project expansion which is expected to save Ghana about $30 million a year in fuel costs. Mitsui & Co of Japan and Korea’s KEPCO will start construction this month and is expected to be commissioned in 2015, the UAE firm said.

The TAQA-operated T2 power plant currently represents 15% of Ghana’s installed power production capacity. The expansion project will convert the existing plant to operate as a combined cycle power plant increasing its output from 220 MW to approximately 330 MW without requiring additional fuel, therefore adding 50% more capacity without increasing carbon dioxide (CO2) emissions.

The T2 power plant is owned by Takoradi International Company LLC (TICO), a joint venture between TAQA (90%) and the Ghana’s Volta River Authority (10%).

By Ekow Quandzie