MCC To Provide GE $500m For Ghana’s Power

POWERAS part of efforts to ad-dress the shortfall in Ghana’s public power supply, global infrastructure giants General Electric (GE) is working with the Millennium Challenge Corporation (MCC) to provide substantial financing to the tune of $500m.

The Millennium Challenge Corporation (MCC) is an innovative and independent U.S. foreign aid agency that is championing a global campaign against poverty.

This funding agreement comes on the heels of GE’s recent agreement with private and public stakeholders to help generate 1000 megawatts of electricity from a gas fired power generating plant in a single location.

The Ghana 1000 initiative is the first of its kind in Ghana on account of the amount of power to be generated from a single location and its potential for lowering cost of electricity through the gas-to-power initiative.

The MCC deal provides the financing that will ultimately help in actualising Ghana’s overall goal of self-sufficiency in power generation.

GE’s Managing Director, Western Africa, Leslie Nelson in a statement issued said gas-to-power initiatives provide one of the greatest opportunities for sub-Saharan Africans to lift themselves out of energy poverty.

He said through this initiative the cost of power generation in Ghana would be reduced by at least 35 per cent.

According to him “GE is extremely excited that our partners are investing significant material resources to address the all-important issue of energy shortage”.

Leslie Nelson said this would be the first LNG-to-power project completed in an emerging market and is important to Ghana because it will both add reliable, base load generation as well as help to lower the cost of power in the country when compared to plants currently running off expensive light crude oil.

“In fact, recent reports indicate that Ghana currently spends more than $1 million daily to purchase light crude oil for power generation, so the impact of this project on the country’s economy cannot be understated,” he concluded.

By Times Reporter

Print Friendly

Leave a Comment