A Power Purchase Agreement (PPA) was signed between the state utility Electricity Company of Ghana (ECG) and Karpowership Ghana Company Limited. As per the PPA, two Powerships will generate a total of 450 MW, which will directly supply into Ghana’s electrical grid for 10 years.
This agreement will be a significant contribution to Ghana’s electricity supply and industry. The Powership Project will be an economical solution to Ghana’s existing power generation while providing valuable foreign direct investment and local employment.
The Powership will generate high voltage electrical energy at one of the lowest prices for thermal power generation. The two Powerships will initially use the economic and abundant Heavy Fuel Oil (HFO) to generate electricity but will have the ability to convert to Natural Gas.
Karpowership is the only dedicated independent power producer capacity in Ghana truly capable of operating on both HFO and Natural Gas.
The company is a member of the West African Power Pool organization that strategically provides reliable electricity to the citizens of ECOWAS member states at competitive cost.
In addition to providing security of supply and baseload contribution to the Grid, Powerships aim highest fuel efficiencies as well as providing one of the lowest fuel cost for Ghana.
The operation of the Powership is estimated to deliver savings to Ghana in the range of 120 million dollars annually as well as creating jobs for the country.
Karpowership has invested more than 30m USD in mobilization, site preparation, marine infrastructure, fuel supply, storage arrangements and grid interconnection.
This is the largest Foreign Direct Investment “FDI” by a Turkish company in Ghana and aims to also support the two countries’ growing economic relations as well as provide local employment.
Karpowership is a subsidiary of Karadeniz Holding, an industry pioneer in innovative energy projects for the last 20 years, playing an active role in medium to long-term investments in domestic and international markets.
The company started its energy investments in Turkey, and is the first private electricity exporter in the country, having supplied more than 27 billion kilowatt hours electricity worldwide since 2003.
Currently, Karpowership owns and operates more than 1800 MW installed capacity globally. Powerships are contracted to supply 15% of Iraq’s, 27% of Lebanon’s, and %16 of Zambia’s total electricity generation. In addition to the 10-year 450 MW Power Purchase Agreement in Ghana, the company has also been awarded a 540 MW Power Purchase Agreement in Indonesia.
Karpowership is the only owner, operator and builder of the first Powership (floating power plant) fleet in the world.
Since 2010, nine Powerships have been completed which add up to more than 1500 MW installed capacity. In addition to the current fleet, projected 5,900 MW of total capacity Powerships are under construction/in the construction pipeline.