TC's Energy to reach fin close on 100-MW Ghana wave project in Q2

Ghanaian renewable energy production company TC’s Energy is in the final stages of negotiating financing for its 100-MW wave power project near Ada and expects to conclude the process successfully in the second quarter of 2018.

The company is currently holding talks on the matter with European and African private investors, private financial institutions and public funding institutions, it was unveiled at a press conference this week.

As announced last month, Swedish wave energy company Seabased has signed a contract for just under USD 200 million (EUR 164m) to design, manufacture and install the wave energy park in several phases. The project has in place all necessary environmental permits, agreements and authorisations, including a power purchase agreement (PPA) between TC’s Energy and Electric Company of Ghana Ltd.

According to the latest announcement, the construction of the first generators has already begun. TC’s Energy has selected Fidelity Bank Ghana Ltd to be the local bank for the project and GLICO Insurance Company to serve as local insurers.

(USD 1.0 = EUR 0.821)

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