On May, 6th, 2014, General Electric, eranove and Endeavor Energy have signed a joint development agreement, in presence of the Government of Ghana, concerning the construction of a power plant: “the Ghana 1,000 project”, aimed at adding 1,000 megawatts of thermal power to Ghana’s installed electricity capacity.
The signing of the agreement by John Rice, Vice-president of General Electric, Vincent Le Guennou, President of eranove and Sean Long Managing Director of Endeavor Energy- occurred in presence of John Abu Jinapor, Deputy Energy Minister of Ghana. The partners pledged their commitment to seeing the project implemented to ease Ghana’s nagging energy challenges.
The project will be built in two phases. The first phase will produce about 360 MW of power by 2017 and 180 MW from a combined cycle will be added within 6 to 12 months after this first commissioning. The second phase of 460 MW – allowing to achieve the 1000 MW target capacity should be commissioned in 2019.
Located in the Western Region of Ghana, this pioneering integrated gas-to-power project will combine the importation of liquefied natural gas (LNG), a dedicated Floating Storage and Regasification Unit (FSRU) to receive, store and regas, and associated infrastructure to transport natural gas on-shore to advanced GE turbines to generate efficient, clean power.
WithcurrentLNGprices approximately 35% less than the current price of light crude oil, the import of LNG is expected to both reduce the cost of generation as compared to light crude oil and to cut out the gas shortage the country currently faces to power its generation plants.
The 3 partners will co-sponsor the project: General Electric (GE) will be the main manufacturer, eranove will be in charge of operations and maintenance of the power plant and Endeavor Energy will have a major role in the development phase, with the support of eranove and GE teams.
eranove will honor this agreement alongside its subsidiary CIPREL, an IPP (Independent Power Producer) with 19 years of experience running a gas-fired power plant in Côte d’Ivoire. CIPREL with its 6 gas turbines operates 432 MW of installed capacity and should reach a 543 MW capacity by the end of 2015 with its steam turbine under construction.
The entire CIPREL scope is certified Quality, Security, Environment (ISO 9001, OHSAS 18001, ISO 14001) and has reached the maturity stage for Corporate Social Responsibility under ISO 26000 standard.
The project represents an investment of over US$ 1 billion.
About eranove :
eranove, a company owned by Emerging Capital Partners – a leader in private equity in Africa – is a key player in public services management and water and electricity production in West Africa.
eranove group develops customized and innovative solutions that contribute to making available vital services of quality to the largest number while meeting the most stringent standards in terms of corporate and environmental responsibility.
Embedding African Culture values, eranove group participates in the influence of the African Continent by promoting the African know-how and performance.
