Jan 27 2013
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UAE's Taqa completes financing for Ghana power-plant expansion
Sunday, Jan 27, 2013
DUBAI--Abu Dhabi National Energy Co. (TAQA.AD), better known as Taqa , said Sunday it has completed with its partner Volta River Authority, the main generator and supplier of electricity in Ghana, a $330 million financing for the expansion of a power plant in the African country.
The project financing came from World Bank unit International Finance Corp (IFC) and a consortium of financial institutions that include FMO, the majority Dutch-government-owned development bank, the African Development Bank and Deutsche Investitions-und Entwicklungsgesellschaft (DEG), Taqa said in an emailed statement.
Taqa , which is owned 75% by the government of Abu Dhabi, will expand the Takoradi 2 (T2) power plant's capacity from 220 megawatts to 330 megawatts without requiring additional fuel and the extra energy will be sold to Volta River Authority under the terms of a revised 25-year power-purchase agreement.
The Takoradi 2 plant is Ghana's first independent power project and currently represents approximately 15% of Ghana's installed capacity. It is owned by Takoradi International Co. LLC, a joint venture between Taqa , which owns 90% of the plant, and Volta River Authority, which has a 10% stake.
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