Ghana-based power producer and wave energy projects developer TC’s Energy has hired Palewater Advisory Group (PAG) to act as its corporate finance advisor.
PAG, a New-York based insvestmnet banking firm, will provide strategic advisory services to assist with the development of a financial strategy for the delivery of the 1000MW Seawave power project, being developed by TC’s Energy in collaboration with Swedish wave energy player Seabased.
Also, PAG will advise on the IPO of the company in the US and the capital raising of $2 billion or more, according to TC’s Energy.
PAG will also focus on assisting TC’s Energy in creating and executing new strategies for maximizing shareholder value through its full scope of investment banking services.
Brian Kistler, President and CEO of Palewater Advisory Group, said: “The government support that this project continues to enjoy is overwhelming and given the fact that TC’s Energy has already secured an off-take agreement with the government of Ghana, PAG will use that as a springboard through which sufficient capital for the development and operation of the project is raised.”
Prosper Melomey, CEO at Bridgewater Advisors, added: “TC’s Energy project will significantly impact Ghana’s energy generation capacity and positively stimulate the nation’s economic health. Bridgewater Advisors Limited in Ghana is therefore delighted to partner Palewater Advisory Group in Africa and MB Africa Investments on this groundbreaking capital raising agenda.”
TC’s Energy aims to introduce wave power as a sustainable alternative of generating electricity to meet Ghana’s medium to long-term power challenges.
The wave energy park, planned for Ada Estuary in Ghanian Greater Accra Region, has already completed its piloting phase, which included the installation of six wave energy converters, supplied by Seabased, with the combined output of 400kW.
TC’s Energy said it is currently about to add on capacity to start generating in commercial scale, having signed a commercial order last year with Seabased for the delivery of upgraded wave energy converters that will expand the capacity of the plant for 5MW.
Seabased’s wave energy technology is based on wave energy converters (WECs) with linear generators, deployed on the sea bed. The generating unit placed on the sea bed is connected to a buoy on the surface via a line, which captures the energy in the motion of the waves, enabling the WEC to generate electricity.