Ghana: IFC invests in power generation
8 August 2012
World Bank member the International Finance Confederation (IFC) has provided an $80 million loan to the Takoradi International Company (TICO) with a view to expanding its gas-fired Takoradi Two power plant.
In addition to the loan, the IFC will provide a further $15 million on behalf of the Canada Climate Change programme.
The money will be used to implement waste heat recovery technology that will enable the power station to produce 50 per cent more electricity with only a slight increase in greenhouse gas emissions.
Rapidly rising demand for electricity has stretched Ghana's private sector over the past few years, and the expansion of the Takoradi Two plant will go some way to supporting the growing market.
Yolande Duhem, IFC director for west and central Africa said, "Takoradi 2 is the first commercial project financing for an independent power project in Ghana, and will serve as a landmark as the Government of Ghana continues to encourage private sector participation in power."