Energy Minister briefed on solar project

A team of officials from Mere Power Nzema Limited recently briefed the Minister for Energy and Petroleum, Emmanuel Armah-Kofi Buah on their proposed 155MW Solar PV power plant in the country.

Led by the Director, Captain Paul Forjoe, the team updated the Minister on the preliminary works so far to pave way for actual construction to begin early next year. The team includes representatives of the project financiers, who are in the country to conduct due diligence on the proposed project.

The company is at the concluding stage of the financing arrangements which, when completed, will allow actual construction of the power plant to begin, according to them.

Douglas Coleman, Special Projects Director of the company, who spoke on behalf of the team, said the company intends to finance the construction of the plant with a combination of equity, vendor finance and non-recourse debt.

“Following several months of detailed negotiation with many global financial institutions and banks, Mere Power Nzema Ltd has concluded the most ideal combination of finance sources, which will permit construction to commence at the earlier possible date,” he stated.

Hon. Buah, on his part, welcomed the initiative of the company, noting that the company was the first to submit an application for a licence to produce solar power under the provisions of the Renewable Energy Act, 2011 (Act 832). He advised them to continue to liaise with the regulatory agencies and follow the guidelines in the sector.

The Minister emphasized Government’s commitment to achieving its target of securing 10 percent of the nation’s power supply from renewable sources by 2020, adding that the necessary structures are in place to create the enabling environment for independent power producers (IPPs) to support this objective.

Mere Power Nzema Limited currently has a provisional licence from the Energy Commission (EC) for feasibility studies toward the project.