Singapore-based tech company G8 Subsea has been awarded a letter of intent by the Bui Power Authority Ghana for the installation of a 65-megawatt (MW) floating solar system at the Bui Hydro Dam facility.
In a statement, G8 Subsea, which has expertise in offshore and renewable energy projects, will install the GPM-65 Solar-Hydro System which will occupy around 350,000 square meters of water space at the Black Volta River near the hydro dam.
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An independent power producer (IPP) is a private company that generates electricity and sells it to utility companies or industrial consumers without being owned or controlled by them. The IPP model has emerged as an essential component of the power sector, especially in developing countries where they have helped to increase the generation capacity of electricity.
Renewable energy projects such as wind and solar power have been a successful focus for independent power producer (IPP). These projects require significant upfront capital costs but offer lower operating costs and long-term stability in terms of fuel price risks. Apart from this, IPPs are encouraged by governments as a successful means of increasing competition and improving efficiency in the electricity sector.
IPPs secure long-term power purchase agreements with utilities or industrial consumers, ensuring a steady revenue stream for the project. They are also involved in conventional power projects such as gas-fired power plants. In many cases, IPPs have been able to develop projects more quickly and efficiently than utilities, which can be weighed down by bureaucracy and political considerations.
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Indian-based Synergy Consulting is the financial adviser for Manah 1 and 2. The UK''s DLA Piper and Germany''s Fichtner are providing technical and legal advisory services, respectively.
Oman is targeting for renewables to contribute between 10% and 16% of the sultanate''s generating capacity in the main interconnected system (MIS) by 2025, which will total about 2,800MW.
This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED''s Middle East business intelligence, subscribe here.
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