Quantum Power, the pan African energy and infrastructure industrial investment platform, on Sunday said its subsidiary, Quantum Power Ghana Gas project, has signed a collaboration agreement with Golar LNG.
The agreement contemplates that should the project reach the final investment decision, Golar would provide the required floating and Liquefied Natural Gas (LNG) storage and re-gasification unit as well as certain technical, engineering, design and construction services.
The project, which will require over $500 million in capital, has been developed for over 18 months with some of the world’s most experienced engineering teams, working closely to create the optimal design to address the specific maritime challenges that the Gulf of Guinea presents.
A statement issued to the Ghana News Agency and signed by Mr Don Ackah, Chief Executive Officer of Quantum Power Ghana Gas, said the project could save power producers more than a quarter of a billion dollars annually in fuel cost, with a multiplier effect on the economy at large.
It quoted Mr Ackah as saying: “We are pleased to have reached this milestone. For Ghana’s economy to grow, we need more electricity, which our facilities can help fuel at lower cost and with lower emissions.”
Matty Vengerik, Managing Director of Quantum Power, said: “We are delighted to have Golar joining us in this innovative project and we are very excited to partake in alleviating an important burden on Ghana’s economic growth.
Quantum Power Ghana Gas is the developer of liquefied natural gas storage, re-gasification and delivery facilities with an initial ability to deliver over 1.75 million tonnes of LNG per year to the Tema project.
According to the statement, the Tema LNG Project would utilise a state-of-the art, purpose-built, dedicated floating LNG and re-gasification unit with associated sub-sea and onshore pipeline networks to deliver the natural gas to power generators in Tema.
It said the project was scheduled to deliver gas to the Tema power producers in early 2016 and had the ability to increase its delivery capacity, as demand in Tema and elsewhere evolved, facilitating availability of efficient, reliable and clean fuel to the Ghanaian power generation industry.
Quantum Power is a pan-African industrial investment platform focused on power generation, energy and related infrastructure and commodities, with offices in six African countries, London and Cyprus.
Quantum Power Ghana Gas is Quantum Power’s entity dedicated to developing the Tema LNG importation, storage, re-gasification and delivery facilities.