Summary

A sea wave and tidal energy project in Ada, built in six stages to a cumulative ~1,000 MW, supplying ECG under a 20-year energy-only PPA signed 14 July 2014. A flat tariff of 10.00 US cents/kWh applies for the first 10 years, renegotiated within a PURC range thereafter, with a take-or-pay obligation and an annual minimum-offtake compensation mechanism once fully built out.

Key terms

Offtaker

Electricity Company of Ghana (ECG)

Signing date

2014-07-14

Financial close

—

Commercial operation

—

Contract end

—

Contract duration

20 years

Contract status

Active

Tariff structure

Energy-only

Capacity charge

—

Energy charge

USD 10.0000/kWh

Key risk features

Take-or-pay Currency indexation

Indexation formula

Fixed USD rate for years 1-10, paid in Ghana cedis via a quarterly Exchange Rate Hedge Agreement; year-11 reset negotiated within a PURC range with a floor at the original rate, applying for the remaining 10 years. Once Stage 6 is operating, an annual Compensation/Discount mechanism reconciles actual annual offtake against a 7,817.4-8,327.3 GWh band.