ECG's hydro power agreement with Zoetic signals interest in renewable energy
Zoetic Global deploys life-sustaining technology solutions in energy, water and food security worldwide. Its new project with ECG involves the deployment of several modular hydrokinetic turbines in the post-dam wash of the Akosombo Dam.
The In-Stream Auger Turbine technology used is designed for high efficiency power generation from flowing water, and will utilize the grid connections, access roads and on-site maintenance buildings that are already at the dam.
"We look forward to working closely with ECG and other key parties to provide additional power needed to support Ghana's growth," Jerome Ringo, chairman and CEO of Zoetic Global, said. "This project will bring substantial, clean and immediate power on-line without environmental impact or societal disruption."
Ghanaian President John Dramani Mahama spoke glowingly of the contract signed between Zoetic and ECG while emphasizing his administration's approach to energy production and the key role of renewable energy sources.
"The Zoetic project is an ideal fit for our sustainable development platform. We welcome new developers bringing practical and impactful solutions like this to our country," President Mahama said.
Additionally, the Zoetic project at Akosombo could be an important collaboration in the new field of hydrokinetics and the renewable energy sector in general.
"Zoetic offers an alternative solution that will activate more development in the hydro power market," Thomas Trimble, a leading partner in the Africa Practice of Akin Gump Strauss Hauer & Feld LLP, said. "Zoetic addresses an untapped market opportunity, which sits between the traditional large-scale hydro dams and small micro hydro projects."
The project serves a direct need in Ghana, a country where demand for new electricity from households has more than doubled in the past five years. This demand has led to the government to take measures to support additional generation capacity.
"We at ECG view this project as a critical building block for improving the country's energy outlook in 2016 and beyond," Robert Dwamena, managing director of ECG, said.
In preparation for project implementation, Zoetic is working with strategic partners, including Natural Power Concepts, International Coil Ltd and JWF Industries on turbine production.
The manufacturing of the hydrokinetic devices and components is scheduled throughout 2016 though partnerships in Pennsylvania and India, with final assembly in Ghana.