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Business News Sat, 6 Jun 2015

Karpowership to share Ghana project at forum

Karpowership, a subsidiary of Karadeniz Holding, and its executives would update participants on its first ever project in Africa, the “Power of Friendship for Ghana”.

The update would take place at the upcoming 17th annual African Energy Forum (AEF), scheduled for Dubai, UAE from June 8- June 11.

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

A statement from the company said this is in line with the company’s commitment to ensure that its stakeholders are kept informed on any development.

The forum, which Karpowership would be sponsoring for the fifth year running, brings together ministers, government officials, sector leaders and investors to enhance cooperation toward finding energy solutions for Africa.

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With its expanding Powership Fleet, Karadeniz Holding continues to garner interest from visiting delegations to 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 Powerships, or ship mounted floating power plants, delivering the most reliable power supply solution with an 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 could 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 was announced to supply two powerships to generate approximately 22 per cent of the country’s electricity needs.

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“This year’s AEF will provide the ideal platform to share the developments of this exciting project and the important role that Karpowership is serving in meeting Ghana’s electricity demand, the statement said.

The Powership project in Ghana would be served by two Powerships of 225MW each, totalling 450MW for 10 years. Currently, the project is on track and ahead of schedule.

The savings and economic growth that Ghana would experience after Powerships start operation would act as a model case for other African countries in need of economic, efficient and reliable electricity.

The project is the largest foreign direct investment in Ghana by a Turkish company and provides additional benefits of generating 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 per cent and 25 per cent of the countries’ total electricity generation.

Source: GNA