Abu Dhabi National Energy Company (TAQA) and its partner, Volta River Authority (VRA), have completed the US$330m financing for the expansion of the Takoradi 2 power plant in Ghana. The expansion project will convert the existing gas-fired plant into a CCGT unit, increasing its output from 220 MW to approximately 330 MW without requiring additional fuel. This represents an addition of 50% capacity without increasing carbon dioxide emissions. 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 a considered effort within Ghana’s power generation industry towards cleaner-burning fuel.
The US$330m 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 that supports sustainable private sector growth in emerging markets.
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