Ghana’s feed in tariff had previously been set at approximately $0.137/kWh, however the country’s new government, appointed in December 2016, recently stated that new PPAs can be signed with a maximum FIT rate of $0.10/kWh.
Project developer PSECC has formed a special purpose vehicle for the project; Simbrofo Light Ghana Ltd, and was granted a provisional license for the 20 MW solar farm in December 2016, with a further two 20 MW projects planned for the same location. Financing for the projects has been obtained via the European Central Bank.
“The lower FIT payment meant I had to look for the best possible technology choice for solar panels,” says Alan Brewer, CEO at PSECC. “That’s when I contacted Natcore, because the increase in power using their technology meant that the revenues could be increased by 10% or more, and the project could once again be financially viable.”
PSECC and Natcore are now considering a licensing agreement, where PSECC would gain exclusive access to the U.S. company’s technology within Ghana. “We estimate that the fee for a license agreement of this size will be about $2.5 million,” states Natcore president and CEO Chuck Provini. “Although we haven’t finalized negotiations, we’re able to make a projection based on savings anticipated using our technology.”
In July, the two companies also signed a memorandum of understanding, whereby PSECC would work with Natcore on developing solar projects within the U.S. Natcore has been assigned the project under its Best-of Breed program, under which it functions as a consultant on the design and construction of solar farms and other facilities.