International infrastructure development company SANTERRE Limited plans to invest US$300m in constructing a single-phase 200megawatt thermal power plant to help alleviate the ongoing power cuts and load management in the country.
Construction works for the project, which will be spread across the company’s 33.5-acre project site in Prampram, is expected to take off from 2015 -- and the entire plant will be built on a fast-track basis to meet the purpose for which it is being set up.
Aside from easing pressure off the country’s energy sector, the combined investments of US$300m will create up to 1,000 jobs directly -- with additional jobs during construction and indirectly in the supply chain.
The company has been developing the first phase of the project based on an initial investment plan of US$150m for 100MW capacity, which would have led to up to 1000 jobs; but it has decided to revise its plans to develop the plant as a single-phase 200MW power plant, giving a boost to independent power production industry.
The new power plant will be sited close to the industrial hub of Tema -- near the new 330kV Ghana Grid Company transmission line, the West African Gas Pipeline and the Tema Oil Refinery.
Charles Hardeman, President and Chief Executive Officer of SANTERRE Limited, said the project is being developed as a single-phase 200megawatt combined cycle thermal power plant through the company's Ghanaian subsidiary Santerre Electric Power Company Limited (SEPCO), which has signed a Memorandum of Understanding with the state-owned Electricity Company of Ghana (ECG).
He said the company’s decision to construct the power plant as a single-phase 200MW project was due to the high level of interest from other major multinational companies operating in the power sector globally, coupled with the country’s favourable energy policy.
"The Ghanaian energy policy creates a favourable framework for the expansion of thermal power technology; in particular, it recognises the potential of independent power producers."
"Aside from helping to keep the lights on and putting more than 1,000 people in work, this investment will help Ghana overcome its recurrent energy crises," he said.
SANTERRE's Country Director in Ghana, Prince Kassim Alubankudi, welcomed the upgraded investment, calling it "a massive vote of confidence in Ghana's long-term economic plan".
"This investment will create lots of new jobs and opportunities, meaning more financial security and peace of mind for Ghanaian families and a more resilient economy for our country. This investment is excellent news for the people of Ghana, the power sector, and our energy security," he said.
Source: B&FT
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