As global efforts to increase investments in renewable energy and alternative sources of energy in the energy mix is seeing significant growth with some industries divesting their source of power, Ghana’s Cocoa Processing Company (CPC) is latest to join the hosts of companies making investments in renewable energy.
CPC, which is located in the West African nation’s industrial city of Tema, will, on Friday, cut the sod for the construction of a power system consisting of biomass gasification and a Combined Heat and Power (CHP) generation package that uses locally available shells and pod husks as biomass fuel feedstock for optimum efficiency, under a Captive Model.
The move is part of CPC’s effort to control its high cost of energy.
The project is being supported by three major foreign development partners namely GP GREEN ENERGY – INDIA, HORUS ENERGIA POLAND & CAPTIVE ENERGY CO including a bank; State Bank of Poland (BGK).
Two local banks namely, Agricultural Development Bank (ADB), Standard Chartered Bank (STANDCHART), Ghana, and the Energy Commission.
The three foreign partners would finance the biomass development; ADB is the LOCAL BANK providing a CONFIRMED IRREVOCABLE PURCHASE ORDER (CIPO) for six months for CPC whilst Standchart Ghana is providing the relative standby Letter of Credit to pay for the Plant and Machinery and the Energy Commission ensuring the processes for procurement of expertise and selection of an Energy Consultant for project implementation.
The project is a US$14.0 million Build Operate and Transfer (BOT) arrangement payable over six years after which at the end of the BOT arrangement, CPC will drive its energy cost down by a whopping 63 percent cost reduction.
Meanwhile, in line with government’s industrialisation policy aimed at boosting the ‘Ghana-Beyond-Aid’ agenda, CPC has, since 2017, redoubled its efforts at increasing its product range and improving packaging to enable the company take advantage of growing global emerging markets for its products.
Accordingly, in December 2018, CPC launched three sets of new ‘GoldenTree’ products.
CPC Ltd, once again, is ready to launch 19 new and improved GoldenTree Cocoa/Chocolate products tomorrow, December 13.