GE, Endeavor Energy and Finagestion team up to boost Ghana's power supply
When complete, this innovative integrated gas-to-power project will deliver more than 1,000 MW of electricity to Ghana’s national power grid.
The JDA signing ceremony took place at the Ministry of Energy offices and was witnessed by Ghana Deputy Minister for Energy Hon John Janakpor, John Rice, Vice-Chairman and President and CEO of GE Global Growth and Operations and senior officials from GE, Endeavor Energy and Finagestion.
The Ghana 1000 Project will be located in Western Ghana. It will combine the importation of liquefied natural gas (LNG), a dedicated Floating Storage and Regasification Unit (FRSU) to receive, store and regas, while associated infrastructure will transport natural gas on-shore to advanced GE turbines to generate efficient, clean power.
The Ghana 1000 Project Consortium is a purely private sector, independent power producer initiative with zero direct financial contribution from the Government of Ghana.
The Government’s role has to been to create an enabling environment and regulatory framework to allow the project partners to fast-track the addition of critically needed power to the national grid.
The Government will also facilitate a long-term agreement with the Electricity Company of Ghana (ECG) and potentially other power off takers of the purchase of power from the project. Ghana presently has installed generation capacity of 2,412 MW and dependable generation capacity of 2,125 MW.
The first phase of the Project is expected to begin delivering power by early 2017, initially producing 360 MW in simple cycle mode.
When completed in early 2018, it will generate more than 540 MW in combined cycle mode. The second and final phase of the Project is expected to be implemented before 2019.
The combined completion of all these phases will create one of the largest single Power Parks in sub-Saharan Africa generating in excess of 1,100 MW of power.
Speaking on behalf of the Ghana Government, Ghana Minister of Ghana, Hon John Janakfpor said: “We thank the Ghana 1000 partners for keeping their commitment to support government efforts to boost electricity generation and lower the cost of power in Ghana.
“The Ghana Government will facilitate and fast track all approvals and permits and provide adequate credit enhancement in a transparent manner.”
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.