Siemens to invest $200 million in Ghana's energy sector

Largest industrial manufacturing company in Europe and multinational energy giant, Siemens has committed to investing over $200 million in Ghana’s energy sector.

The investment will see the establishment of a combined cycle power plant with a capacity of 660 Megawatt thermal plant aimed at boosting the distribution of power in the country.

"We are very prepared to contribute innovative solutions to Ghana's energy sector. This combines cycle power plant will see Ghanaians enjoy highly efficient power.

It's a value for money initiative we are aiming to advance by 2023," Executive vice president for Siemens Power and Gas Africa, Andreas Pistauer, said in an interview with JoyBusiness.

Country Manager of Siemens, Edmjund Acheampong has pointed out that the company had over the last two years made investments in the country’s energy sector.

Through partnerships with local businesses, he said, it had also rolled out the largest steam plant in the country contributing 330 megawatts (MW) to the national grid and had also been contracted to deliver three gas compression packages.

“For Siemens, powering Ghana is imperative. Energy is a crucial part of the economic production and, therefore, economic growth, and without it, communities and businesses cannot function effectively,” he added.

Meanwhile, policy advisor at the ministry of energy and former CEO of GRIDCO, William Amuma says the government is resolved to increase private sector participation in the distribution of power. under the compact two of the Millenium Challenge Corporation (MCC) of the USA.

According to him, with 25 percent of excess power being exported to neighboring Ivory Coast, Ghana’s energy sector is very committed to attracting the needed investments.

Speaking on the theme, “Electricity as a catalyst for growth” Mr Acheampong also disclosed plans by the company to convert waste into energy.

 He told Myjoyonline.com at the sidelines of the workshop that Siemens has the technology to embark on the waste to energy project and is liaising with some Independent Power Producers and other stakeholders to get the job done.

For a country reeling under a poor waste management system, Mr Edmund Acheampong believes the cutting edge waste to power technology will be of immense benefit to all Ghanaians.

He also touted the company’s contribution to the education sector with the provision of automation equipment to some tertiary institutions as well as donation to the village of hope.

Siemens is in Ghana, for Ghana he said, adding, the company is not only interested in investing in technology but impacting lives of the people by leaving a social legacy.

The workshop brought together stakeholders in the energy sector to discuss issues including project financing, next-generation power plant for Ghana “Time for F-class GT” and Siemens’ value propositions for the biomass and waste to energy