(MENAFN) Abu Dhabi National Energy Co (TAQA) has won USD355 million project financing and government approval to extend its power plant capacity in Ghana, Reuters reported.
The financing will come from the International Finance Corp (IFC), a unit of the World Bank and a consortium of financial institutions.
TAQA said it plans to increase the Takoradi 2 (T2) power plant's capacity from 220 megawatts to 330 megawatts.
T2 power plant currently represents 15 percent of Ghana's installed power production capacity.
The company, which is 75 percent owned by Abu Dhabi state, selected Japan's Mitsui & Co and Korea's Kepco for the construction of the plant this month, scheduled to finish in 2015.
The T2 power plant is owned by Takoradi International Co LLC (TICO), a joint venture between TAQA and Volta River Authority, the main generator and supplier of electricity in Ghana.
TAQA is the operator of the facility through its wholly owned subsidiary TAQA Generation International Operating.