Business News Tue, 9 Jun 2015

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Karpowership project ahead of schedule

Karpowership, a subsidiary of Karadeniz Holding, says the economic growth that Ghana will experience after the power ships start operation will act as a model case for other African countries in need of economic, efficient and reliable electricity.

The company, in a recent release, said its project in Ghana will be facilitated by two power ships that generate 225MW each, totaling 450MW for 10 years. Currently, the project is ahead of schedule.

The project is the largest foreign direct investment in Ghana by a Turkish company and would promote local employment and economic development.

In addition to its partnership in Ghana, Karpowership has agreements in place with the governments of Iraq and Lebanon to supply 15 percent and 25 percent of the countries’ total electricity generation respectively.

Karpowership, a subsidiary of Karadeniz Holding and its executives, will update participants on its first-ever project in Africa- the ‘Power of Friendship for Ghana’ project at the upcoming 17th annual African Energy Forum (AEF) scheduled for Dubai, UAE from June 8-11, 2015

The forum will also provide a unique platform for Karpowership to share information on upcoming projects on the African continent.

This is in line with the company’s commitment to ensure that its stakeholders are kept abreast of developments on its projects.

The forum, which Karpowership would sponsor for the fifth year running, would bring together ministers, government officials, sector leaders and investors to enhance cooperation towards finding energy solutions for Africa.

With its expanding Powership Fleet, Karadeniz Holding continues to garner interest from visiting delegations who learn more about the cost-efficient, immediate energy solution the Powerships offer for countries in urgent need.

Karpowership is the first company in the world to develop, own and operate power ships, which are mounted floating power plants that deliver the most reliable power supply solution with optimum cost.

Karpowership has a current installed capacity of more than 1,800 MW globally, and has now become a key player in providing medium to long-term investments in Africa.

Given that powerships can be quickly deployed under Rental or Power Purchase Agreements to meet urgent demands of electricity, they have become an optimal solution for a number of African governments to supply local demand.

At the 2014 AEF held in Istanbul, a 10-year contract with the Electricity Company of Ghana (ECG) was announced to supply two powerships to generate approximately 22 percent of Ghana’s electricity.

This year’s AEF will provide the ideal platform to share the developments of this exciting project and the important role that Karpowership is playing to meet electricity demand in Ghana.

Source: Daily Guide

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