Amended Power Purchase Agreement for Ayitepa Wind Farm
On 09th May 2016, the Power Purchase Agreement for the 225 MW wind farm at Ayitepa was signed at the Headquarters of the Electricity Company of Ghana Ltd. (ECG) in Accra. Due to bankability reasons, that version of the PPA had to be amended with some additional clauses which were negotiated between the ECG and us during the past months
With these additional clauses, the PPA became now bankable respecting the conditions set forth by the lenders for the project. Signing of the amendment took place on 22nd November 2016 at the headquarters of the ECG in Accra. It was signed by Mr Robert Dwamena, Managing Director of ECG, and Mr Michael Wuddah-Martey, NEK’s country manager for Ghana, in the presence of Mrs Louisa Dei, who works for NEK (Ghana) Ltd. related to energy projects, and Mr Johnson Adeku, legal counsel at ECG.
This is the first PPA signed in Ghana for a wind project and therefore has a pioneering character. The Ayitepa wind farm project has now received all permits and contracts to reach financial close in the very near future. Start of construction is scheduled for the second half of 2017.
This project is being developed by NEK / Upwind for Lekela Power, a joint venture partnership between Mainstream Renewable Power and Actis, a leading investor in emerging markets.