Media Releases

TAQA completes Ghana power plant expansion 20 Oct 2015

TAQA has started commercial operations at its expanded T2 power plant in Ghana.

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) and the Volta River Authority (VRA), a state-owned entity, have successfully started commercial operations at the expanded T2 power plant in Ghana.

The 330 megawatt (MW) T2 power plant located in Takoradi is now feeding electricity to the national grid, accounting for around 15% of the country’s total capacity. Power demand in Ghana is growing by 10% annually and the expansion of T2 is an essential component of the Government’s plan to end the frequent power outages that are slowing the country’s growth.

“We are proud to help restore reliable power to the homes and businesses of Ghanaians for many years to come,” said His Excellency Saeed Mubarak Al-Hajeri, TAQA Chairman. “The investment TAQA has made to ensure the success of this project underlines the major positive impact it will have for people locally and for our shareholders in Abu Dhabi through the additional income from the sale of power.

TAQA expanded T2’s capacity by converting it from a simple-cycle to a low-cost high-efficiency combined-cycle generation facility that uses waste heat to generate additional power. The conversion increases the net generating capacity from 220 MW to approximately 330 MW with no increase in fuel consumption or emissions

The construction team completed the project without any lost-time injuries, achieving more than 900 injury-free days or 7,600,000 man-hours since construction work started in 2013.

“The expansion of T2 will improve the efficiency of the electricity generation system and help provide a reliable source of affordable electricity for the people and economy of Ghana,” said Osafo Adjei, Managing Director for TAQA in Ghana. “The success of this project can be gauged by the outstanding cooperation shown by all project stakeholders, especially the VRA, our joint venture partner and off-taker. I wish to congratulate everyone involved for the safe and successful completion and thank them for their continued support in this strategic energy project.

T2 is TAQA’s second major project to be completed this year. The Company started full commercial operations at its Bergermeer gas storage facility in the Netherlands in April, and plans to commission its two remaining major power and water projects in India and the Emirate of Fujairah later this year. TAQA expects to start producing oil from its Cladhan field in the North Sea within weeks and at its Atrush project in the Kurdistan region of Iraq in 2016.

TAQA has a 90% interest in the Takoradi T2 plant. All power produced from T2 is sold under a 25-year power purchase agreement with the VRA which owns the remaining 10%.

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About the T2 expansion project

T2 is Ghana's first independent power project (IPP) and the first IPP in Ghana to utilise project financing. 

The project financing for the expansion was provided in 2013 by the International Finance Corporation (IFC), a member of the World Bank Group, and a consortium of international development finance institutions led by FMO, a development bank majority-owned by the Dutch government that supports sustainable private sector growth in emerging markets.

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 IFC.

The engineering, procurement and construction contract was awarded to a consortium comprising Mitsui & Co (Japan) and KEPCO E&C (Korea) in 2011.

TAQA appoints Ryan Wong as acting CFO 10 Sep 2014
TAQA has appointed Ryan Wong to the position of acting Chief Financial Officer (CFO) effective 1 October.
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Abu Dhabi, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has appointed Ryan Wong, currently Group Vice-President Treasury, to the position of acting Chief Financial Officer (CFO) effective 1 October.

Mr. Wong will replace Stephen Kersley, who held the role of CFO since May 2011 and has decided to leave the company effective 1 November 2014.

Ed LaFehr, Chief Operating Officer of TAQA, commented: “Steve led a significant upgrading of TAQA’s financial processes, systems, and treasury operations. We wish him well for the future and thank him for his service over the past years.”

Ryan Wong joined TAQA in 2008 and brings to the role 35 years of financial and treasury experience.

TAQA appoints Saeed Al Dhaheri to Executive Team 6 Sep 2014
TAQA has appointed Saeed Hamad Al Dhaheri to the position of Executive Vice President Human Resources and General Services.
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Abu Dhabi, United Arab Emirates - TAQA, the Abu Dhabi National Energy Company, has appointed Saeed Hamad Al Dhaheri to the position of Executive Vice President Human Resources and General Services.

Mr. Al Dhaheri has more than 12 years of experience from the human resource industry in Abu Dhabi. He joins TAQA from government-owned Abu Dhabi Media Company where he led the human resources, procurement and administration functions. Mr. Al Dhaheri has also served on the Board of Directors of United Printing & Publishing and previously held human resources leadership positions at Etihad Rail  and Abu Dhabi Health Services Company - SEHA.

In June 2014, TAQA initiated a significant restructuring and strategy development process with a focus on enhancing Emiratisation efforts.

Ghana invites TAQA to step up investments 22 Jan 2014
The President of Ghana has invited TAQA to develop additional power and water infrastructure in the country.

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Abu Dhabi, United Arab Emirates – The President of Ghana, John Dramani Mahama, has invited TAQA, the largest UAE investor in Ghana, to develop additional power and water infrastructure in the country.

In a meeting with senior executives in Abu Dhabi, he lauded the “excellent” business relations between the UAE and Ghana, and the role of TAQA in supporting economic growth in the West African nation through its power plant in Takoradi.

“The Takoradi power plant is one of our vital resources. It has a key role in our economic vision, and its potential is key to our growth. And yes, we are looking to upgrade that potential, significantly,” said President Mahama.

He confirmed that the two sides were in talks about expanding the company’s presence in Ghana.

President Mahama’s comments followed a meeting on Monday with Carl Sheldon, TAQA’s Chief Executive Officer, in the presence of His Excellency Khalid Al Ghaith, the UAE Assistant Foreign Minister for Economic Affairs, at the Emirates Palace Hotel in Abu Dhabi. 

Also present were His Excellency Emmanuel Buah, Ghana's Minister of Energy, Frank Perez, TAQA’s Executive Officer and Head of Global Power, and Khaled Al Sayari, TAQA's Group Vice-President of Strategic Relationships and Public Affairs.

H.E. Al Ghaith said: “Co-operation with West Africa and Ghana in particular is a major part of the UAE’s foreign policy agenda, and we are very interested in increasing that co-operation by sharing our expertise in various fields, especially in energy”.

Mr Perez said: “We have a strong history of close relations with Ghana, and we discussed building on the close co-operation that already exists between TAQA and Ghana’s Volta River Authority, especially over the expansion of the Takaoradi 2 Thermal Power Project, which represents approximately 15% of Ghana’s installed capacity.”
TAQA raised USD 330 million in project finance for the expansion of the Takoradi plant last year.

“The finance deal we put together was so successful, it now forms a template for future programmes,” Mr Perez said.

Mr Al Sayari added: “We also discussed TAQA looking at the water market in Ghana. Ghana has been asking for the UAE to share our expertise in this field, and so this is another area in which further co-operation could be established.”

TAQA holds a 90 per cent share in and operates the Takoradi 2 plant while the Volta River Authority (VRA), the main generator of electricity in Ghana, holds the remaining 10 per cent. 
In 2011, the plant was converted from an oil-fired plant to one fuelled by natural gas. The current expansion project will increase its output from 220 megawatts (MW) to approximately 330 MW without requiring additional fuel. This represents an addition of 50% capacity without increasing fuel consumption or carbon dioxide emissions. 

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For further information:

TAQA External Communications, Abu Dhabi

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan Region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

President of Ghana inaugurates TAQA power plant expansion 9 Apr 2013
TAQA celebrated the ground-breaking ceremony of the Takoradi 2 power plant expansion project in Ghana. Once complete, the plant will account for approximately 15 per cent of Ghana’s generation capacity, providing power to more than a million people.

Takoradi, Ghana - TAQA, the global energy company based in Abu Dhabi, celebrated the ground-breaking ceremony of the Takoradi 2 power plant expansion project in Ghana. Once complete, the plant will account for approximately 15 per cent of Ghana’s generation capacity, providing power to more than a million people.

The ground-breaking ceremony was held in Takoradi in the presence of John Dramani Mahama, the President of Ghana; Emmanual Armah-Kofi Buah, Minister of Energy of Ghana; Khalid Al-Ghaith, Assistant Foreign Minister for Economic Affairs for the United Arab Emirates; and Nananom (local Chiefs). 

Addressing guests during the ground-breaking ceremony held at Takoradi power plant, John Dramani Mahama, the President of Ghana said: “The Takoradi 2 expansion project reflects our energy for growth programme aimed at increasing investments in the energy sector to build capacity for the future. The role of independent power producers has become vital and the partnership of TAQA and VRA has demonstrated that Public-Private-Partnerships (PPP) work in Ghana. The plant’s excellent record of over 95% availability since 2000 is not only a demonstration of the successful implementation of the PPP framework but also the significant development of technology capacity of Ghana.

During his speech, Khalid Al-Ghaith, Assistant Foreign Minister for Economic Affairs for the United Arab Emirates, said: “We are encouraging investments in Africa and will continue to back our sovereign companies such as TAQA. We look forward to strengthen the relationship between Ghana and UAE and look forward to seeing more official visits and further agreements.

Carl Sheldon, Chief Executive Officer at TAQA, said: “The Takoradi 2 power plant expansion project builds on TAQA's position as a trusted operator of strategic energy infrastructure in Ghana. By deploying a world-class combined cycle turbine in Takoradi, we are helping Ghana to meet its growing energy needs while increasing the efficiency of the electricity generation system."

The expansion project supports the Ghanaian Government’s efforts to develop the country’s electricity sector and promote the use of indigenous natural gas supplies. When completed, the expansion will increase the plant’s output from 220 megawatt (MW) by 50 per cent to approximately 340 MW without requiring extra fuel or producing additional emissions. In 2011, TAQA and VRA upgraded the plant from burning imported oil to primarily burn natural gas.

TAQA acquired a 90 per cent share in the Takoradi 2 plant in 2007. The Volta River Authority (VRA), the main generator of electricity in Ghana, holds the remaining 10 per cent. TAQA is operator of the facility.

TAQA obtained Ghanaian government approvals last year 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 led by FMO. 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 IFC.

TAQA's is the largest independent power producer in the Middle East North Africa region, with a total gross power generation capacity of 16,395 MW and a water desalination capacity of 887 Million Imperial Gallons per Day (MIGD).

Takoradi 2 is TAQA’s second expansion project in Africa following the USD 1.6 billion expansion of the company’s Jorf Lasfar power plant in Morocco.

- ENDS -

TAQA completes financing for Ghana power plant expansion 27 Jan 2013
TAQA and its partner, Volta River Authority (VRA), have completed the USD 330 million financing for the expansion of the Takoradi 2 power plant in Ghana.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) and its partner, Volta River Authority (VRA), have completed the USD 330 million financing for the expansion of the Takoradi 2 power plant in Ghana.

The expansion project will convert the existing gas-fired plant into a combined cycle unit, increasing its output from 220 megawatts (MW) to approximately 330 MW without requiring additional fuel. This represents an addition of 50% capacity without increasing carbon dioxide emissions. The extra energy will be sold to VRA under the terms of a revised 25-year power purchase agreement. The plant was recently converted from primarily an oil-fired plant to one fuelled by natural gas as part of a considered effort within Ghana’s power generation industry towards cleaner-burning fuel.

The USD 330 million project 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 led by FMO, a development bank majority-owned by the Dutch government that supports sustainable private sector growth in emerging markets. 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 IFC.

Frank Perez, Executive Officer and TAQA’s Head of Power & Water said: “We are proud to have brought so many respected lenders together for this strategic energy project. This expansion will help Ghana’s growing population meet their energy needs and provide the power needed for economic growth.”

The Takoradi 2 plant is Ghana's first independent power project (IPP) and currently represents approximately 15% of Ghana’s installed capacity. The Takoradi 2 plant is also the first IPP in Ghana to utilise project financing. It is owned by Takoradi International Company, a joint venture between TAQA (90%) and VRA (10%), the main generator and supplier of electricity in Ghana. TAQA is the operator of the facility.

The engineering, procurement and construction contract with an approximate value of USD 260 million was awarded to a consortium comprising Mitsui & Co (Japan) and KEPCO E&C (Korea) in 2011. Construction started in 2012 following cabinet and parliamentary approvals by the Government of Ghana, and the signature of financing agreements in July 2012.  The expanded plant is scheduled for commissioning in 2015.

- ENDS -

Contact Information for Media:

Abu Dhabi

Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com 

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Parliamentary Approval for Ghana Power Plant Expansion 16 Jul 2012
TAQA today announced securing the requisite parliamentary approval and signing financing arrangements for the 110 MW expansion of the gas-fired Takoradi 2 power plant in Ghana.
  • Parliamentary approval to expand Takoradi 2 power plant from 220 MW to 330 MW
  • USD 355 million of project financing provided by IFC and international development institutions
  • Mitsui & Co (Japan) and KEPCO E&C (Korea) to start construction this month
  • Ghanaian Energy Minister Dr Joe Oteng-Adjei visits TAQA headquarters in Abu Dhabi

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) today announced securing the requisite parliamentary approval and signing financing arrangements for the 110 MW expansion of the gas-fired Takoradi 2 (T2) power plant in Ghana.

The expansion of the T2 power plant follows the announcement on June 20, 2012 that TAQA completed financing arrangements for USD 1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700 MW expansion of the TAQA-operated Jorf Lasfar power complex in Morocco, the largest coal-fired power complex in the MENA region.

The TAQA-operated T2 power plant currently represents 15% of Ghana’s installed power production capacity. The expansion project will convert the existing plant to operate as a combined cycle power plant increasing its output from 220 MW to approximately 330 MW without requiring additional fuel, therefore adding 50% more capacity without increasing carbon dioxide (CO2) emissions. The additional energy will be sold via an existing off-take agreement with Volta River Authority (“VRA”), under the terms of a revised 25-year power purchase agreement effective from commercial operations date (COD). The recent conversion of the plant to natural gas from oil as the primary fuel was also part of a considered effort within Ghana’s power generation industry towards cleaner fuel, thereby reducing CO2 emissions.

The T2 power plant is owned by Takoradi International Company LLC (TICO), a joint venture between TAQA (90%) and VRA (10%), the main generator and supplier of electricity in Ghana. TAQA is the operator of the facility through its wholly owned subsidiary TAQA Generation International Operating Company LLC.

Frank Perez, Executive Officer and TAQA’s Head of Power & Water said: “We are delighted to have jointly developed this landmark project with our partner VRA and the Government of Ghana. This is the culmination of hard work by all parties to ensure that we deliver the best possible deal for the Ghanaian consumer in an environmentally responsible way. We have played a vital role during the last ten years in delivering a reliable source of electricity to the population with an excellent safety record, and this project will enable us to continue to do so for another 25 years.”

Kweku Awotwi, CEO of VRA, said: “We welcome the conclusion of the negotiations for this important infrastructure project for VRA and the people of Ghana and look forward to continue working in partnership with TAQA. The expansion is expected to save Ghana USD 30 million a year in fuel costs and will help ensure that the power generation capacity develops at a pace to meet Ghana’s sustainable growth ambitions.”

Project 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, led by FMO, the majority Dutch Government owned development bank supporting sustainable private sector growth in developing and emerging markets. The consortium of international development finance institutions include the African Development Bank (AfDB), Agence Française de Développement (AFD), and Deutsche Investitions- und Entwicklungsgesellschaft (DEG). The project financing arrangements represent a total of USD 355 million.

The expansion is expected to be commissioned in 2015. The EPC contract with an approximate value of USD 260 million has been awarded to Mitsui & Co (Japan) and KEPCO E&C (Korea) in 2011. Construction will start later this month (July 2012).

In a further sign of the growing co-operation with the Ghanaian Government, TAQA was delighted to welcome the Ghanaian Minister for Energy H.E. Dr Joe Oteng-Adjei to its Abu Dhabi headquarters last week during an official state visit to the United Arab Emirates. The Minister’s visit included an inspection of the Fujairah 2 power and water plant in the United Arab Emirates, TAQA’s flagship facility which generates 2,000 MW of electricity and 130 MIGD of desalinated water.

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
 Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL