ABIDJAN Dec 14 A consortium led by
Africa-focused power producer Endeavor Energy began building a
$552 million, 200-megawatt power plant in Ghana on Wednesday, it
said in a statement.
Despite recent improvements, Ghana is struggling to keep up
with growing power demands and is hit by regular blackouts that
have been a drag on economic growth.
The plant being built in Aboadze, near the western city of
Takoradi, will be a combined cycle, dual-fuel power facility. It
is due to come online in April 2019, the consortium, Amandi
Energy, said in a statement.
The consortium also includes London-based Aldwych
International and other investors.
"Ghana embarked on a mission to strengthen its power sector
that has now created an opportune time for international
investing," Endeavor's CEO Sean Long said.
Amandi Energy has agreed a 25-year Power Purchase Agreement
with the Electricity Company of Ghana.
The project will initially be fuelled by light crude oil but
plans to switch to natural gas from Ghana's offshore Sankofa
field once available.
Endeavor, Aldwych, the Pan African Infrastructure
Development Fund 2 managed by Harith General Partners, as well
as the ARM-Harith Infrastructure Fund and other investors
contributed $134 million in equity for the project.
The U.S. government's Overseas Private Investment
Corporation, as well as the CDC Group, Nedbank Ltd and
Rand Merchant Bank will lend a combined $418 million
for the project, with Overseas Private Investment Corp
contributing $250 mln of that.
(Reporting by Joe Bavier; Editing by Susan Fenton)