Taqa acquired a 90% share in the Takoradi II plant in 2007. VRA, the main generator of electricity in Ghana, holds the remaining 10%. Taqa obtained Ghanaian government approvals for the expansion in 2012 and completed the project financing arrangements in January 2013. The expansion, being built by Mitsui & Co (Japan) and Kepco E&C (Korea), is scheduled for commissioning in the fourth quarter of 2014.
The financing is being provided by the International Finance Corporation (IFC), a member of the World Bank Group, and a consortium of international development finance institutions. The lenders participating in the consortium include the African Development Bank, Deutsche Investitions-und Entwicklungsgesellschafte, Emerging Africa Infrastructure Fund, ICF-Debt Pool and Proparco. The Opec Fund for International Development and the Canada Climate Change Program are participating alongside the IFC.
Taqa is the largest independent power producer in the Middle East and North Africa region, with a total gross power generation capacity of 16,395 MW. Takoradi II is Taqa’s second expansion project in Africa following the US$1.6 billion expansion of the company’s Jorf Lasfar power plant in Morocco.
