The Ghana Government has signed a power purchase agreement with Turkey-based Aksa Enerji to purchase output from the planned 370MW plant.
Under the five-year deal, Aksa will build the heavy fuel-oil-powered plant, which is planned to be commissioned at end of the first half of next year.
Hurriyet Daily News? cited a statement to the Public Disclosure Platform (KAP): "This agreement has been approved by the parliament of the Republic of Ghana and preliminary conditions are waiting to be completed, such as letters of credit, approvals of operation and production licenses from the authorities.
"With this investment, Aksa Enerji is venturing into African countries in need of energy and infrastructure investments and thus aiming to increase its profitability and reduce the effect of foreign exchange losses by increasing its dollar-based sales."
The company, which has 2,300MW of total production portfolio, is believed to be in talks to construct around six power plants in Africa.
Aksa Enerji CEO Cuneyt Uygun was quoted by Bloomberg as saying: "Tight profit margins in electricity production industry in Turkey are forcing us to invest in other markets through dollar-denominated deals."