Karpowership to share ground breaking Ghana project at African Energy Forum

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Karpowership, a subsidiary of Karadeniz Holding, and its executives will update participants on its first ever project in Africa, the “Power of Friendship for Ghana” project at the upcoming 17^th annual African Energy Forum (AEF), scheduled for Dubai, UAE from June 8-11, 2015

The forum will also provide a unique platform for Karpowership to share information on upcoming projects on the African continent. This is in line with the company’s commitment to ensure its stakeholders are kept informed on developments on its projects.

The Forum, which Karpowership will be sponsoring for the fifth year running, brings together ministers, government officials, sector leaders and investors to enhance cooperation toward finding energy solutions for Africa.

With its expanding Powership Fleet, Karadeniz Holding continues to garner interest from visiting delegations to learn more about the cost-efficient, immediate energy solution the Powerships offer for countries in urgent need.

Karpowership is the first company in the world to develop, own and operate “Powerships,” or ship mounted floating power plants, delivering the most reliable power supply solution with an optimum cost.

Karpowership has a current installed capacity of more than 1,800 MW globally and has now become a key player in providing medium- to long-term investments in Africa.

Given that Powerships can be quickly deployed under Rental or Power Purchase Agreements to meet urgent demands of electricity, they have become an optimal solution for a number of African governments to supply local demand.

At the 2014 AEF, held in Istanbul, a 10-year contract with the Electricity Company of Ghana was announced to supply two powerships to generate approximately 22% of Ghana’s electricity.

This year’s AEF will provide the ideal platform to share the developments of this exciting project and the important role that Karpowership is serving in meeting Ghana’s electricity demand.

The Powership project in Ghana will be served by 2 Powerships of 225MW each, totaling 450MW for 10 years. Currently, the project is on track and ahead of schedule. The savings and economic growth that Ghana will experience after Powerships start operation will act as a model case for other African countries in need of economic, efficient and reliable electricity.

The project is the largest foreign direct investment in Ghana by a Turkish company and provides additional benefits of generating local employment and economic development. In addition to its partnership in Ghana, Karpowership has agreements in place with the governments of Iraq and Lebanon to supply 15% and 25% of the countries’ total electricity generation, respectively.

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