Financing Package

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  1. Ghana approves fast-track LPG-to-power project

    Ghana ’s government this week has greenlighted the world’s largest liquefied petroleum gas (LPG)-fuelled power project.    The 400 MW Bridge Power project, to be built 26 km east of Accra in the coastal city of Tema, will also be Africa’s first such installation. It is planned to feature five GE TM2500+ G4 gas turbines , four GE LM6000 gas turbines, and two bespoke steam turbines in two separate combined-cycle configurations. Developer Early Power, a consortium composed of independent power firm Endeavor Energy, Ghanaian energy trading firm Sage and GE Power, said it had signed a 20-year power purchase agreement (PPA) with a five-year extension option with the Electricity Corporation of Ghana (ECG) after receiving government approval. The project is to be developed on a fast-track basis in two phases, with the 194 MW first phase planned to be completed within six months of the expected financial close in December. Early Power said Endeavor will manage the construction work, and will operate and maintain the plant. Sage designed the gas-to-power fuel solution for the project and will be responsible for ongoing fuel supply. The plant will also be capable of running on natural gas and diesel. Endeavor is to contribute the majority of the equity investment, while GE will provide an 'on balance sheet' financing solution for the capital necessary to accelerate the project’s first phase. Emmanuel Egyei-Mensah, Sage CEO, said: “Being the first LPG-fired plant in Africa, [Bridge Power] is a pioneering example of using clean fuel for power generation in Africa as an alternative to natural gas.” GE Ghana CEO Leslie Nelson added: “This project represents the first integrated gas-to-power project we will successfully deploy on the continent. Our goal was to successfully create and implement a gas-to-power project that included a full gas solution and financing package and then deploy this model to other countries that are not endowed with cost-efficient fuel sources.” With annual economic growth of 7 per cent, Ghana is estimated to need at least an additional 2 GW of power capacity over the next five years. The Bridge Power project aims to provide over 12 per cent of the country’s energy mix by 2020.    

    Online Articles

    Online Articles

    Tue, 25 Oct 2016

  2. Nigeria's state oil company secures $1.2B financing package

    The Nigerian National Petroleum Corp. (NNPC) has secured a $1.2 billion multi-year drilling financing package as part of NNPC’s joint venture with Chevron Nigeria Ltd., according to Reuters.

    Online Articles

    Online Articles

    Mon, 21 Sep 2015

  3. Argentinian refinery plans refinery expansion, upgrades

    Axion Energy Argentina SA has secured partial financing from World Bank Group member International Finance Corp. (IFC) for a project to expand and upgrade its 87,000-b/d refinery near the town of Campana in Argentina’s Buenos Aires province.

    Online Articles

    Online Articles

    Mon, 16 May 2016

  4. Renewable Energy: Goldwind Americas Signs 160 MW Texas Deal With RES

    Goldwind Americas announced that it has signed an agreement with Renewable Energy Systems Americas Inc. to acquire the 160 MW Rattlesnake Wind Project located in McCulloch County, Texas.

    Online Articles

    Online Articles

    Wed, 18 May 2016

  1. Armada Oil provides financing update

    Online Articles

    Online Articles

    Thu, 5 Dec 2013

  2. Scotrenewables accepts loan to further tidal turbine development

    Scotrenewables Tidal Power Limited (STPL) has accepted a US$14.36 million financing package that will help in the design, construction and installation of a Scotrenewables commercial-scale tidal turbine.

    Online Articles

    Online Articles

    Wed, 19 Dec 2012

  3. UK's Sheffield Forgemasters closes in on GBP170m financing for nuclear reactor forgings facility

    The UK's Sheffield Forgemasters is closing in on a GBP170m ($274m) financing package to build a 15 000 tonne press to make large forgings for nuclear reactors.

    Online Articles

    Online Articles

    Sun, 24 Jan 2010

  4. CCI acquires Morgan Stanley's Global Oil Merchanting business

    Castleton Commodities International LLC has reached a definitive agreement to acquire Morgan Stanley's Global Oil Merchanting business. The purchase price of the transaction is not being disclosed. The all-cash transaction is expected to close in the second half of 2015.

    Online Articles

    Online Articles

    Tue, 12 May 2015

  5. Patriot Coal again files for Chapter 11 bankruptcy

    Patriot said it is involved in active negotiations for the sale of its operating assets to a strategic partner

    Online Articles

    Online Articles

    Tue, 12 May 2015

  6. World Bank head: “Get rid of fossil fuel subsidies now”

    The head of the World Bank has called for a global carbon tax and the end of fossil fuel subsidies.  

    Online Articles

    Online Articles

    Tue, 14 Apr 2015

  7. Siemens energy orders to boost Egypt's power generation by 50%

    Siemens has signed contracts for high-efficiency natural gas-fired power plants and wind power installations that will boost Egypt's power generation capacity. 

    Online Articles

    Online Articles

    Fri, 5 Jun 2015

  8. Coal News: Patriot Coal files for Chapter 11 Bankruptcy

    One of the largest holders of Eastern U.S. coal reserves, Patriot Coal, has filed for Chapter 11 bankruptcy protection for the second time in three years

    Online Articles

    Online Articles

    Tue, 12 May 2015

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