Osagyefo Power Barge

distressed

In July 2007, Balkan Energy Company signed a 20-year concession contract and a Power Purchase Agreement with the Goverment of Ghana to equip, repair and commission the Osagyefo barge-mounted power station.  Under the agreement, Balkan Energy Company was expected to convert Osagyefo Barge into a combined cycle power plant. The conversion was expected to increase power generation from 125MW to 185MW within nine months at a cost of US$100 million. Information on the bidding process was not disclosed. In 2012, it appeared that the project was effectively cancelled, as the Supreme Court of Ghana annulled the PPA agreement, and various (sub)contractor companies were litigating in various courts in the Netherlands and the USA.