PIDG company, the Emerging Africa Infrastructure Fund (EAIF) is to lend $31 million over 10 years to Access LNG BV, a provider of specialist floating LNG infrastructure, to support the construction of a new LNG storage and regasification facility at Tema port in Ghana.
Tema is home to a number of Ghana’s largest power stations and to industry that relies on energy from them.
The new facility enables thermal power generators to move from burning light cycle oil (LCO) and heavy fuel oil (HFO) to using natural gas, which is up to 30 percent cheaper, produces 30 percent less CO2 and almost no sulphur dioxide.
Construction of the FRU and the FSU are both at advanced stages. Delivery of the vessels is expected before the end of the year. EAIF’s loan is part of the financing for the FRU which will be integrated with an LNG carrier serving as a FSU.
The fixed infrastructure element of the project was financed under a separate financing package, and consists of a breakwater, mooring facilities, a subsea pipeline and an 8 km onshore pipeline to take the gas from the port to Tema’s industrial area.
Martijn Proos, a director at EAIF’s managers, Ninety One, said: “The new terminal at Tema is an innovative approach to securing reliable and cost-efficient gas supply. The investment by EAIF will contribute to reducing carbon emissions, contributing to Ghana’s long-term energy needs and strengthening its economic stability and economic development efforts.”
Access LNG BV was established as a joint venture between Helios Investment Partners, a leading Africa focused private investment firm and Gasfin Development SA, a pioneer in LNG infrastructure, to develop and operate new LNG facilities for developing markets. Delivering the floating infrastructure for the new LNG facility at Tema is the first project for the joint venture.
For more information visit www.eaif.com