Ghana 1000 Consortium Partners with Excelerate Energy on Gas-to-Power Project| International Power
January 29, 2015, Accra, Ghana: General Electric (NYSE: GE) and Endeavor Energy (Endeavor), co-leaders of the Ghana 1000 project, and their consortium partners Eranove and Sage Petroleum, have signed an agreement with Excelerate Energy (Excelerate), a leading provider of floating storage regasification units (FSRU), for the reservation of an FSRU that will provide storage and regasification of liquefied natural gas (LNG) for the Ghana 1000, a 1300MW power plant that will be located in Aboadze in the Western Region of Ghana.
“Partnering with Excelerate Energy illustrates the remarkable progress made by the Ghana 1000 consortium, and once complete, it’ll deliver much-needed power to the people of Ghana,” said Leslie Nelson, GE Ghana CEO. ”We’re partnering with the right stakeholders to offer innovative solutions that will ultimately reduce the cost of power to the final consumer.”
The first phase of the Ghana 1000 project is expected to be completed in late 2016 and will add 125MW to the grid. This will increase to 750MW by 2018 and 1300MW within five years. The Ghanaian government is committed to creating an enabling environment and regulatory frameworks that will help the project sponsors add power quickly to the national grid.
“As a co-lead on this project, Endeavor Energy is proud of the commitment of all partners to ensure that we successfully deliver not only what will be Sub-Saharan Africa’s largest power park but also lower energy costs while increasing the reliability of power supply in the country,” said Sean Long, CEO of Endeavor. “Ghana 1000 promises to be the first of its kind project in Africa.”
Ghana 1000’s FSRU will have additional capacity to allow other power generators to shift from liquid fuels to LNG for power generation, which could save Ghana up to $1 billion per year.
“We’re very delighted to be part of this historic project, which represents significant contributions to Ghana’s energy sector,” said Excelerate spokesperson Marshall Carpenter.
Excelerate has capabilities to regasify 500 million standard cubic feet of LNG, enough gas to power approximately 3,000 MW.
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About Endeavor Energy
Endeavor Energy is a privately held international independent power producer (IPP) company, headquartered in Houston, Texas, focused on developing and investing in power generation facilities in Africa. With the financial backing of Denham Capital (www.denhamcapital.com), an energy and resources-focused global private equity firm with $7.9 billion of invested and committed capital, the company possesses significant financial and operational capabilities to generate and participate in multiple power development projects in Africa. Endeavor Energy is also a sponsor of the U.S. government’s Power Africa initiative. For more information about Endeavor, visit www.endeavor-energy.com.
About Excelerate Energy
Excelerate Energy operates the most technologically advanced liquefied natural gas (LNG) regasification vessels in the market today. We control the largest floating storage regasification units (FSRU) fleet in the world – ten LNG ships that include a traditional LNG carrier and nine Energy Bridge® FSRUs, one being under construction. More importantly, our vessels are purpose-built, which translates to a more efficient, reliable and sophisticated regasification solution compared to a vessel that has been converted to operate as an FSRU. We have commercial control of approximately $3 billion in assets, including six LNG receiving terminals, two of which are fully commercially controlled
The Eranove group is a West African leader in public service management and electricity and drinking water production. The group provides operational assistance to its subsidiaries: technical supervision, procedures, procurement, cash flow, management control, legal & tax, etc. For more information visit www.eranove.com
About Sage Petroleum
Sage is the largest licensed Oil Trading Company in Ghana. The company’s activities are carried out by experienced and highly trained professionals and supported by our key partnerships with Refineries, International trading companies and local partners in various countries. Their activities are managed and supported by an advanced, real time Risk Management platform that gives real time insight into all aspects of the company’s business including stocks, logistics, finance, profitability and risk exposures.
(Communications Manager, GE West Africa)
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(On Behalf of Endeavor Energy and Denham Capital)
T: +1 512-448-4950
E: [email protected]