TAQA finalizes financing for Ghana plant

justify;text-justify:inter-ideograph;line-height:18.0pt\">Abu Dhabi National Energy Company PJSC (TAQA) and its partner, Volta River Authority (VRA), have completed the USD 330 million financing for the expansion of the Takoradi 2 power plant in Ghana, which is scheduled for completion in 2015.

justify;text-justify:inter-ideograph;line-height:18.0pt\">The expansion project will convert the existing gas-fired plant into a combined cycle unit, increasing its output from 220 MW to approximately 330 MW, without requiring additional fuel. This represents an addition of 50 per cent capacity without increasing carbon dioxide emissions.

justify;text-justify:inter-ideograph;line-height:18.0pt\">The extra energy will be sold to VRA under the terms of a revised 25-year power purchase agreement. The plant was recently converted from primarily an oil-fired plant to one fuelled by natural gas as part of Ghana's power generation project using cleaner burning fuel.

justify;text-justify:inter-ideograph;line-height:18.0pt\">The USD 330 million project 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, a development bank majority-owned by the Dutch government.

justify;text-justify:inter-ideograph;line-height:18.0pt\">Frank Perez, Executive Officer and TAQA's Head of Power & Water said this expansion will help Ghana's growing population meet their energy needs and provide the power needed for economic growth. The Takoradi 2 plant is Ghana's first independent power project (IPP) and currently represents approximately 15 percent of Ghana's installed capacity. It is also the first IPP in Ghana to utilize project financing.