USD 330 million in loans for Takoradi2 project

FMO Press Release
16 July 2012

Takoradi International Company Limited (TICO), the owner of the Takoradi2 power plant, has secured USD 330 million in project financing for the 110MW expansion of the gas-fired power plant in Ghana. Takoradi2 is a joint venture between Abu Dhabi National Energy Company PJSC (TAQA) (90%) and VRA (10%), 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 Company LLC.

The Takoradi2 power plant is located near the town of Aboadze, just east of Takoradi in Western Ghana. The project comprises the expansion of Takoradi2, operational since September 2000 as a 220MW simple cycle power plant, with a 110MW turbine powered by steam heated by the exhaust heat of the Takoradi2 gas turbines. The expansion will result in a 330MW combined cycle thermal plant. The conversion to tri-fuel (gas, Light Crude Oil and diesel for start-up) has been finalized. Takoradi2 currently represents 15% of Ghana’s installed power production capacity. The project will provide additional electrical energy without needing any additional fuel/gas. The expansion is expected to be commissioned in 2015.

The Netherlands Development Finance Company FMO acted as Mandated Lead Arranger and arranged a syndicate providing USD 212mn in debt financing consisting of FMO (with USD 80 million, which includes funding from the Interact Climate Change Facility), PROPARCO, the private sector investment arm of Agence Française de Développement (USD 40 million), ICF Debt Pool (USD 30 million), DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (USD 24.9 million), Emerging Africa Infrastructure Fund, and another development bank (USD 22.2 million). The remainder of the financing is provided by IFC and the OPEC Fund for International Development.

“FMO is proud to be the Mandated Lead Arranger for this project. All lenders are very pleased to support this important private investment in Ghana. This project will contribute to a more efficient and cleaner energy matrix. With our co-lenders we are pleased to work with investors who are committed to providing the Ghanaian people with affordable energy,” said Nanno Kleiterp, CEO of FMO.

About FMO

FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 5.9 billion, FMO is one of the largest European bilateral private sector development banks.

Press contact:

Paul Hartogsveld, Communications Officer (PR)

T: +31 70 314 9924


About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA is one the largest independent power producers in the world. TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders. For more information about TAQA visit:

PROPARCO is a Development Finance Institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility.

About ICF Debt Pool

The Infrastructure Crisis Facility Debt Pool, governed by an independent Board and managed by Cordiant Capital Inc., provides direct loan financing to qualified infrastructure projects in emerging economies. The Fund is available to all infrastructure projects originated by International Finance Institutions that cannot obtain commercial financing or re-finance existing loans as a consequence of the global financial crisis and the tightening of bank lending. The ICF Debt Pool was conceived by the International Finance Corporation and developed on the Private Infrastructure Development Group platform ( Its €500 million capital is provided by KfW, the German development bank, on behalf of the Federal Republic of Germany.

About DEG

DEG, a subsidiary of German KfW, is one of the largest European development finance institutions with a current portfolio of EUR 5.6 billion. For 50 years, DEG has been financing and structuring sustainable investments of private companies in developing and emerging market countries, therefore providing long-term capital and advice. Its aim is to establish and expand private enterprise structures in developing countries, and thus create the basis for sustainable economic growth and a lasting improvement in the living conditions of the local population.

About Emerging Africa Infrastructure Fund

The Emerging Africa Infrastructure Fund (“EAIF”) was established in January 2002 and is currently a US$755 million debt fund. EAIF is a Public Private Partnership able to provide long-term USD or EUR denominated debt or mezzanine finance on commercial terms to finance the construction and development of private infrastructure in 47 countries across sub-Saharan Africa. Sectors include telecoms, transport, water and power. While EAIF lends on commercial terms, it aims to support projects that promote economic growth and reduce poverty, benefit broad-based population groups, address issues of equity and participation, and promote social, economic and cultural rights. EAIF is managed by Frontier Markets Fund Managers, a division of Standard Bank Plc. For more information visit the EAIF website

About Interact Climate Change Facility
INTERACT CLIMATE CHANGE FACILITY S.A. is a private limited liability company established under the laws of the Grand Duchy of Luxembourg, and is owned by 13 shareholders. ICCF finances renewable energy and energy efficiency projects in the private sector in developing countries and emerging markets.

The funding capacity of ICCF is provided by Agence Française de Développement, the European Investment Bank (EIB) and by the following 11 EDFI members: BIO (Belgium), CDC (United Kingdom), COFIDES (Spain), DEG (Germany), FINNFUND (Finland), FMO (the Netherlands), NORFUND (Norway), OeEB (Austria), PROPARCO (France), Sifem (Switzerland) and SWEDFUND (Sweden).