Hungary’s Ambassador to Ghana, András Szabó, has unveiled $70 million worth of power generation investment from Hungary for the first stage of the 400+ megawatt (MW) Bridge Power Project.
This investment includes three out of five GE aero-derivative gas turbines (TM 2500) that will be used to operate this first stage of the power plant and highlights Hungary’s commitment to building a strong economic relationship with Ghana.
Bridge Power, located in the thermal power complex in Tema, will 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.
Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay said, “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.”
The arrival of the TM2500 gas turbines for Bridge Power marks a milestone in the budding trade and investment relationship between Ghana and Hungary. An additional investment of multi-million dollars’ worth of equipment will come from Hungary as part of Stage 2 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,” Ambassador András Szabó said.
The objective of the Government of Hungary’s foreign policy entitled “Opening to the South” is to diversify its economic relations through closer political ties and increased commerce with emerging economies in Africa and South America – with Africa as a priority. Hungary 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.
CEO of the Ghana Investment Promotion Centre Yoofi Grant said, “The 400 megawatts of energy to be generated by Bridge Powers is not just about 2 million homes being lit, it is 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.” Bridge Power is sponsored by the Early Power Limited (EPL) consortium, comprising Endeavor Energy, leading independent power development and Generation Company focused on Africa; Sage, Ghana’s indigenous trading firm; and General Electric Power (GE), the world energy leader. Stage 1 is under construction by Metka, a leading Engineering, Procurement and Construction (EPC) company.