Business News of 2014-01-21

Ghana to get new power plant

TAQA, an Abu Dhabi based energy company, has agreed with the government of Ghana to build an additional facility to generate 300 megawatts of power at the Takoradi Thermal plant.

Apart from that, the company is also willing to support Ghana in liquefied natural gas to undertake industrial activities.

This was the outcome of a meeting held between President John Dramani Mahama's delegation to Abu Dhabi and the management of TAQA Group of Companies at the Abu Dhabi Palace Hotel on Tuesday.

President Mahama has been in the oil-rich country for the past three days and attended the Abu Dhabi Sustainability Renewable Energy conference and held discussions with other leaders.

TAQA has already constructed some projects at the Takoradi Thermal plant. Apart from completing power projects at Takoradi, the company is also expected to complete another a facility at the plant that will generate 110 megawatts of energy by the end of 2014.

The additional 300 megawatts would start soon after the completion of the current 110 megawatts under construction by the end of this year.

President Mahama said the completion of all those projects would make the precarious power situation in the country a thing of the past and pave way for Ghana to become a net exporter of power.

He said Ghana's target of generating 5,000 megawatts of power by 2016 was on course and that it would be achieved with the active involvement and partnership with the private sector.

"What we really need now is the Liquefied Natural Gas in addition to what we have to streamline our supply and consumption in the country," President Mahama said.

The Group has also said with the additional 300 megawatts of power and the Liquefied Natural Gas it would also enhance the supply of electricity and potable water to the Western and Central regions.

TAQA also expressed interest to invest in other sectors in Accra and later expand such investments to other parts of the country and promised to come to Ghana to finalize talks and negotiations on such investments.

Mr Emmanuel Kofi Buah, Minister for Energy and Petroleum, said his Ministry would pursue some of the good practices he learnt from the renewable energy conference to be implemented in Ghana as soon as possible.

Source: GNA
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