TC’s Energy has entered into a binding commitment letter with TC’s Energy under the Mesa Fund 1, a global opportunity fund that is managed by Milost Global.
This is for the previously announced $2 billion financing facility with Milost for the wave energy project in Ghana.
Anthony Opoku, President & CEO of TC’s Energy said, “This is a great day in Ghana and Africa at large. We are on the verge of executing the biggest tidal energy project in Ghana and Africa. I really appreciate the effort of the various parties involved in structuring this deal. My deepest gratitude goes to Milost Global for supporting the vision of TC’s Energy.”
President & CEO of Milost Global, Egerton Forster, added, “Milost is delighted for partnering in such a great project; we believe that this is the most relevant and opportune moment for Foreign Direct Investments to scale up their blows towards Ghana. As we have started this move, we will continue to seek opportunities as such within Ghana and outside. We commend TC’s Energy team for such a great move to help the economy of Ghana.”
To remind, TC’s Energy has signed a 20-year power purchase agreement with the government of Ghana through the government’s electricity utility company, Electricity Company of Ghana Limited (ECG).
According to the company, the government will purchase a total of 1000MW of electricity from TC’s Energy for a period of 20 years. This will translate into $950 million of annual revenues for TC’s Energy which values the contract at $17 billion.
The wave energy plant is located in Ada Estuary in Ghanian Greater Accra Region.