TWIN CITY ENERGY POWER PROJECT The new power plant will add 200 MW of baseload power to Ghana’s grid
Energy company Amandi Energy Limited announced in September that its Twin City Energy Power Project, in Aboadze, Ghana – a 200 MW dual fuel combined cycle power plant – had reached commercial operations on July 30.
Africa-focused independent power generation company Endeavor Energy Holdings – which is backed by global sustainable infrastructure-, energy- and resources-focused investment firm Denham Capital – is the majority owner of this greenfield development project and its affiliated construction management and operator entities that provide critical services to it.
Since its founding in 2013, Endeavor Energy has become a major power generation and development company focused on providing customised energy solutions for individual country needs in Africa. Endeavor has an extensive development pipeline of projects across the continent, with nearly 700 MW of projects in various stages of construction, and an established track record as an international-lender-approved project developer and investor.
Twin City Energy will facilitate increased access to affordable and reliable electricity while accelerating Ghana’s transition to a low-carbon energy system by adding 200 MW of baseload power at one of the lowest tariffs in the country and using 33 mscf/d of natural gas from Ghana’s offshore fields.
“The pedestal upon which Ghana’s Economic Transformation Agenda will rest is sustainable, cost effective power generation. The management and the entire staff of Twin City Energy are excited to play a part in this transformation by getting this 200 MW combined cycle plant into commercial operation,” said Endeavor Ghana country MD and Twin City Energy GM Reginald France.
The Twin City Energy Power Project, which created more than 1 750 direct jobs – the majority of which were Ghanaian – during construction, will also provide direct socioeconomic support through local job creation by employing more than 100 people – 98% Ghanaian – to operate and maintain the plant.
It was developed and is owned by international equity sponsors including Endeavor Energy Holdings, Anergi Group, African Infrastructure Investment Management, and members of the Amandi Founding Group, who initiated the development of the project.
Twin City Energy was financed by a consortium of global lending and development finance institutions consisting of the US International Development Finance Corporation (DFC), the UK’s CDC Group, as well as South African financers Rand Merchant Bank and Nedbank.
“The continued support of the government of Ghana enabled the project to overcome various challenges during the construction of the plant, intensified by the global pandemic,” Denham Capital partner Justin DeAngelis commented.
He added that the achievement of this significant milestone would bolster Ghana’s efforts to modernise and lower the cost of its power generation for its citizens and industries.
“One of our top priorities is to increase mutually beneficial two-way trade as well as economic growth and investment in Ghana. This project is just one significant example of the successful partnership between the US DFC, a strategic American energy firm, private financial investors and Ghana’s power sector,” added US Ambassador to Ghana Stephanie Sullivan.
The Twin City Energy project can operate using both crude oil and natural gas as its primary fuel. It is the only large-scale baseload independent power generation project in sub-Saharan Africa that achieved financial close in 2016. The project won both the Project Finance International and IJ Global Project Finance deals of the year in 2016.