USD 50 million EPC contractor payment guarantee for stage I of the Bridge Power plant in Ghana. The project will provide cleaner power to over a million people in Ghana.
USD 50 million
Total transaction amount
USD 442 million
Bridge Power is a greenfield multi-fuel combined cycle power plant in Tema, Ghana. The project has started construction with supplier credits including an EPC contractor payment guarantee provided by GuarantCo. Stage I of the project totals a net 202 megawatts and will begin delivering electricity to the Ghanaian power grid in Q4 2019. Once fully constructed, the Bridge Power plant will be the largest Liquefied Petroleum Gas (LPG) power project in the world and will also meet local and international (World Bank / IFC) environmental requirements.
The guarantee provided by GuarantCo will enable construction for stage I of the power plant to begin whilst long-term financing is being arranged, allowing the project to progress in order to deliver much-needed, cleaner power to over a million people across Ghana. The project will add approximately 5 percent to the country’s generating capacity. Stage I of the project will create up to 200 jobs (majority Ghanaian) during construction whilst a further 35 people will be employed as part of ongoing permanent operations of the life of the plant.
Bridge Power will help to diversify Ghana’s power portfolio and reduce its heavy reliance on finite hydrological resources. This, together with the reliable baseload power that it will provide, will help to facilitate the country’s economic development and reduce its reliance on diesel and heavy fuel oil. LPG is a lower cost and cleaner alternative to light crude oil and diesel, which Ghana has been using increasingly due to growing demand.