Takoradi 2 Thermal Power Expansion

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In 2010 the development of expansion project of Takoradi Thermal Power Station at Aboadze, 17km east of Sekondi Takoradi in the Western Region of Ghana started. This project involves the expansion of the three power plants operating since 1997, converting the existing gas-fire plant into a combined cycle unit with additional output from 220MW to 330MW with dual firing capability of Light Crude Oil and natural gas. The extra energy would be sold to Volta River Authority (VRA) under the terms of a revised 25-year power purchase agreement. In January 2013, Abu Dhabi National Energy Company PJSC (TAQA) and its partner, Volta River Authority (VRA), have completed the US$330 million financing through a consortium of international development finance institutions led by FMO of the Netherlands for the 110MW expansion of the Takoradi 2 power plant in Ghana. 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 project financing is being provided by the International Finance Corporation (IFC), and a consortium of international development finance institutions led by FMO. The lenders participating in the consortium include African Development Bank, Deutsche Investitions-und Entwicklungsgesellschafte, Emerging Africa Infrastructure Fund, ICF-Debt Pool, Proparco, the Opec Fund for International Development and the Canada Climate Change Program. The Takoradi 2 plant is Ghana's first independent power project (IPP) and currently represents approximately 15% of Ghana’s installed capacity. The Takoradi 2 plant is also the first IPP in Ghana to utilize project financing. It is owned by Takoradi International Company, a joint venture between TAQA (90%) and VRA (10%), the main generator and supplier of electricity in Ghana. TAQA is the operator of the facility. EPC contract with an approximate value of US$260 million was awarded to a consortium comprising Mitsui and KEPCO in 2011. Construction started in 2012 following cabinet and parliamentary approvals by the Government of Ghana, and the signature of financing agreements in July 2012. The expanded plant is scheduled for commissioning in 2015. Abu Dhabi National Energy Company PJSC (TAQA) 90% UAE Sponsor to be added IFC $95M = $80M(loan) + $15M(loan to TICO) http://ifcext.ifc.org/ifcext/pressroom/ifcpressroom.nsf/0/FBBAEA8BC462F0F742257A4800354FD0?OpenDocument