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Feb 16, 2015

Offshore Power Plant from Turkey to Ghana


Ghana will receive two electricity generating vessels from Turkey in March next month to produce the equivalent of more than one fifth of Ghana's energy power. The two temporal power stations will operate from Tema and Takoradi ports and produce up to 450 megawatts of power to Ghana's national electricity grid.

The Turkish "Karpowership" Ghana Company will be supporting the Electricity Company of Ghana. The Ministry of Energy and Petroleum, will providing crude oil to Karpowership to deliver fast-track electricity to meet the country's high energy demand.

Karpowership Ghana Company Limited, a subsidiary of Karadeniz Energy Group, the energy wing of the Turkey-based Karadeniz Holding, signed a ten-year power purchase agreement in June with the state-run Electricity Company of Ghana (ECG).

According to Ebenezer Baiden, a member of the tariff team at ECG, the company will build two floating power stations at a total estimated cost of $1.2 billion. The cost of a ship is $600 million, but this has been pre-financed by Karpower because it is an independent power producer

Ghana will only have to pay them every month when they start generating power from May 1, 2015. ECG, which does not generate power and depends on various state-owned and private power producers, has made a $50-million commitment to the deal.

It is collateral to say that when they sail from Turkey to Ghana, we will not relent on the deal, Baiden explained. We produced the bank guarantee to Karpower to prove our commitment. The deal is believed to be the largest Turkish investment project in Ghana.

Karadeniz is the developer, owner and operator of a fleet of power ships with an overall capacity of more than 1,100 megawatts. It currently has three ships in Iraq, two in Lebanon, one in Pakistan and one in Dubai. The company reportedly supplies 10 percent and 20 percent of Iraq's and Lebanon's respective electricity needs.