TAKORADI INTERNATIONAL COMPANY
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
The project, Takoradi 2, is an extension to the Takoradi Thermal Power Station, which itself comprises Takoradi 1, a combined cycle power plant fully owned by VRA, and Takoradi 3, a power plant commissioned in spring 2013. Takoradi is a low-cost electricity producer, 90% owned by Abu Dhabi National Energy Company PJSC (TAQA), and 10% by Ghanaian generating company Volta River Authority (VRA).
What is our funding objective?
FMO's funding will support the production of additional power as of 2015, without needing any additional fuel. The power plant is now fuelled with Light Crude Oil and is ready to be fuelled on gas as soon as the gas is available either from Nigeria through the West African Gas Pipeline, or from gas fields in Ghana, once a supply pipeline is constructed. This is a brownfield project, with a debt-equity ratio of 75/25%. FMO acted as the sole arranger for this financing.
Why do we fund this investment?
These changes contribute in a positive way to the business. The quantitative benefits include access to energy (for 400,000 people) and annually avoided GHG emissions (the equivalent of 124,700 tonnes of CO2). The qualitative benefits of the project include better risk management, improving labor standards and HSE standards.
- Region
- Africa
- Country
- Ghana
- Sector
- Energy
- Effective date
- 7/13/2012
- Total FMO financing
- USD 40.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B+