Just as hydrocarbon companies are flocking to Ghana, biomass and biofuel investors are also taking advantage of the West African country’s huge potential.
The biomass project, spearheaded by Africa Renewables Ltd. (AfriRen) subsidiary Takoradi Renewable Energy Ltd., will produce biomass from rubber trees in plantations for export to Europe through the newly formed company. The group’s investors have applied for insurance totaling $8.9 million from the World Bank’s Multilateral Investment Guarantee Agency (MIGA).
The group previously signed a five-year supply agreement with a Danish utility company for the entire woodchip production of their first project. Standard Chartered Bank of Ghana also provided a $5-million loan to help Takoradi get its plans underway.
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