- 20 Oct 2015
TAQA completes Ghana power plant expansion
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) and the Volta River Authority (VRA), a state-owned entity, have successfully started commercial operations at the expanded T2 power plant in Ghana.The 330 megawatt (MW) T2 power plant located in Takoradi is now feeding electricity to the national grid, accounting for around 15% of the country’s total capacity. Power demand in Ghana is growing by 10% annually and the expansion of T2 is an essential component of the Government’s plan to end the frequent power outages that are slowing the country’s growth.“We are proud to help restore reliable power to the homes and businesses of Ghanaians for many years to come,” said His Excellency Saeed Mubarak Al-Hajeri, TAQA Chairman. “The investment TAQA has made to ensure the success of this project underlines the major positive impact it will have for people locally and for our shareholders in Abu Dhabi through the additional income from the sale of power.TAQA expanded T2’s capacity by converting it from a simple-cycle to a low-cost high-efficiency combined-cycle generation facility that uses waste heat to generate additional power. The conversion increases the net generating capacity from 220 MW to approximately 330 MW with no increase in fuel consumption or emissionsThe construction team completed the project without any lost-time injuries, achieving more than 900 injury-free days or 7,600,000 man-hours since construction work started in 2013.“The expansion of T2 will improve the efficiency of the electricity generation system and help provide a reliable source of affordable electricity for the people and economy of Ghana,” said Osafo Adjei, Managing Director for TAQA in Ghana. “The success of this project can be gauged by the outstanding cooperation shown by all project stakeholders, especially the VRA, our joint venture partner and off-taker. I wish to congratulate everyone involved for the safe and successful completion and thank them for their continued support in this strategic energy project.T2 is TAQA’s second major project to be completed this year. The Company started full commercial operations at its Bergermeer gas storage facility in the Netherlands in April, and plans to commission its two remaining major power and water projects in India and the Emirate of Fujairah later this year. TAQA expects to start producing oil from its Cladhan field in the North Sea within weeks and at its Atrush project in the Kurdistan region of Iraq in 2016.TAQA has a 90% interest in the Takoradi T2 plant. All power produced from T2 is sold under a 25-year power purchase agreement with the VRA which owns the remaining 10%.- ENDS –About the T2 expansion project
T2 is Ghana’s first independent power project (IPP) and the first IPP in Ghana to utilise project financing.
The project financing for the expansion was provided in 2013 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 that supports sustainable private sector growth in emerging markets.The lenders participating in the consortium include the African Development Bank, Deutsche Investitions-und Entwicklungsgesellschafte, Emerging Africa Infrastructure Fund, ICF-Debt Pool and Proparco. The Opec Fund for International Development and the Canada Climate Change Program are participating alongside IFC.The engineering, procurement and construction contract was awarded to a consortium comprising Mitsui & Co (Japan) and KEPCO E&C (Korea) in 2011.