Ghana wave energy project, being developed by Seabased and TC’s Energy, is gaining momentum with a number of local permits and agreements already secured to support the scheme’s delivery.
Describing their plans for the development of the project during the press conference in Ghana’s capital Accra, the developers said they plan local content to play a key role for the delivery of the 100MW clean energy scheme.
Therefore, TC’s Energy – a Ghanaian renewable energy production company – has appointed the country’s largest privately owned indigenous bank Fidelity Bank Ghana as the local bank for the project and GLICO Insurance Company as the local insurers for the project.
Also, the developers said the PPA and all necessary environmental permits, agreements and authorizations for the wave park project have been obtained.
Keeping up the positive momentum, a detailed drawings of wave park layout have been made, and as recently as January 2018 a detailed round of site investigations were conducted in the wave park area.
This included inspections of depth and seabed conditions, in order to update reports from the pilot phase of the project that lasted from 2014 to 2016.
“Seabased has all the plans and budgets in place for production and execution of the project. Construction of the first generators is already underway,” said the Swedish wave energy company that will be supplying its technology for the project under the $200 million contract signed with TC’s Energy on March 20, 2018.
Seabased has been contracted to design, manufacture, and install the turnkey wave energy park that will be located near Ada.
As the project scales up, so will local final assembly of non-core technology creating local jobs in Ghana, while additional jobs should be created in operations and maintenance of the wave park, according to a memorandum of understanding.
TC’s Energy, which holds a power purchase agreement for 1000MW with Electric Company of Ghana, will own and operate the wave plant.
The wave park will be manufactured, delivered and installed in several phases.
Final stage negotiations for financing of the complete wave park are ongoing and involve both European and African private investors, private financial institutions, and public funding institutions.
They are expected to conclude positively within the second quarter of 2018, Seabased informed.