Takoradi 2 and 3

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In November 2000, CMS Energy Corporation (CMS) and VRA achieved commercial operation of the second of two 110-MW, light crude oil-fueled combustion trubine generators. Commercial operation of the first unit began in March 2000. The installation of the generators completed the second development phase of the Takoradi power plant. CMS operated the facility with 90% ownership and sold its output to the state-owned Ghanas Volta River Authority (VRA) under a 25-year PPA. VRA held 10% interest with the option to increase its ownership to a maximum 50%. The project agreement was signed on February 5th, 1999, between the CMS Energy Corporation and Ghanas Volta River Authority (VRA) for the construction, ownership and operation of the US$60 million electric generating unit at the site of VRAs Takoradi Thermal Plant near Aboadze in Ghana's western region. A steam-powered turbine, which was to transform the facility into the combined-cycle format, was to be added to boost the facility's capacity to the planned 330 MW. This was achieved in July of 2004 when the IFC approved a US$60 million loan, structured in two US$30 million loan tranches, to fund the expansion project. The first tranche was to help re-capitalise the project to reduce the purchase tariff for the electricity generated by the plant. The second tranche was to finance the costs of conversion of the simple cycle power plant into a combined cycle operation, extending the facility's generation capacity from 220-MW to 330-MW. Fuel was to be provided by the West African Gas Pipeline (WAGP) project, which was due for completion in June 2005, but was likely to be pushed back much later. The total project cost was estimated at US$244 million, including both the cost of the existing plant and that of the expansion. In February 2007, Abu Dhabi National Energy Company bought CMS Generation. In 2012, Abu Dhabi Energy Co (TAQA) provided the equity financing for a 100 MW expansion of the Takoradi IPP. USD 111 million of equity was provided, along with US 329 million in debt. The IFC provided a 16 year Term loan for USD 80 million, with the FMO, Proparco, DEG, OPEC, AFDB, Emerging Africa Infrastructure Fund, Instituto Catalan de Finanzas, Canadian Climate Change Fund and the Interact Climate Change Facility providing the remainder of the debt on a 15, year term. http://www.miga.org/projects/index.cfm?pid=1054 http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/FBBAEA8BC462F0F742257A4800354FD0?OpenDocument