András Szabó (4th from right), Robert Ahomka-Lindsay (3rd right), Steve Jernigan, MD of Endeavor Energy and other officials at the launch
Ambassador of Hungary to Ghana, András Szabó on Monday unveiled $70 million power generation investment from Hungary for the first stage of the 400 megawatts (MW) Bridge Power Project in Tema.
The investment includes three out of five GE aero derivative gas turbines (TM 2500) that will be used to operate the first stage of the power project.
It highlights Hungary’s commitment to building a strong economic relationship with Ghana.
The arrival of the TM2500 gas turbines for Bridge Power marks a milestone in the budding trade and investment relationship between Ghana and Hungary.
Additional investment of millions of dollars in equipment will come from Hungary as part of the second phase of the project.
Hungary has further supported the project with financing through the Hungarian Export Import Bank (HEXIM), and is committed to deepening its economic cooperation with Ghana, especially in areas of infrastructure, energy, water management, information technology, project waste management, construction, agriculture and food processing, all contributing to job creation.
“Hungary’s contribution to this flagship project is one of our first big steps in revitalizing our political and economic relationship with Ghana. “This is a clear demonstration to the government, and people of Ghana that Hungary means business,” Mr Szabó said.
Bridge Power, located in the thermal power complex in Tema, would be the biggest power plant in Ghana since the Bui Hydropower Plant, and will provide a significant portion of the country’s current reliable generating capacity with more than 400 megawatts of efficient, combined cycle power.
The project will enhance Ghana’s energy security, as the plant is capable of being fueled by Liquefied Petroleum Gas (LPG), natural gas or diesel and will be responsible for importing its own fuel.
“The “Ghana Beyond Aid” agenda set by the President of the Republic, Nana Addo Dankwa Akufo-Addo, can only be achieved by diversifying the economy towards manufacturing and agro-processing that will create reliable and stable jobs for our unemployed youth for resilient growth. These ambitious dreams of ours can only be achieved with adequate and reliable power,” said Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay.
With a foreign policy entitled, ‘Opening to the South,’ Hungary’s government intends to strengthen its presence in the West African region, and as a first and significant milestone re-opened its Embassy in Ghana in April 2016 after a 30-year absence.
“The 400 megawatts of energy to be generated by Bridge Powers is not just about 2 million homes being lit; it’s also about jobs being created and careers being launched. Hungary’s relationship with Ghana is not just about investment, it is about trade and learning opportunities.
“We are not just going to work with Hungary, we are going to actively work with them,” said Yofi Grant, CEO of the Ghana Investment Promotion Centre.
Bridge Power is sponsored by the Early Power Limited (EPL) consortium, comprising Endeavor Energy, a leading independent power development and generation company focused on Africa, Sage, Ghana’s indigenous trading firm and General Electric Power (GE), the world’s energy leader.
The phase 1 is being constructed by Metka, a leading engineering, procurement and construction (EPC) company.
The billion-dollar project will include infrastructure to import, store and transport LPG.
The fuel import infrastructure will be handed over to the Tema Oil Refinery (TOR), and will be open to multiple users and significantly increase Ghana’s LPG import capability.
Endeavor Energy is the largest shareholder in Bridge Power.