Asian JV bags $260m deal to enlarge Taqa plant
Takoradi 2, a 90% Taqa-owned facility, adds 110MW in 50% expansion
The UAE's energy company Taqa has secured approval from Ghana's parliament to convert the Takoradi 2 (T2) power plant into a combined cycle power plant.
Japan's Mitsui & Co. and Korea's KEPCO have been awarded the $260m EPC contract for the project, which is set to increase the plant's production capacity by 50% - from 220MW to 330MW.
The T2 power plant is owned by Takoradi International Company (TICO), a joint venture split 90:10 between Taqa and Ghana's electricity supplier Volta River Authority (VRA). The expansion is being part-financed with $355m by the IFC and other international institutions.
The expanded plant is expected to be commissioned in 2015 - at which point energy will be sold by Taqa as operator to VRA under a revised 25-year purchase agreement.