The report from Ghana's Daily Graphic, said Ghana President John Agyekum Kufuor received confirmation of the release during a visit in Beijing with officials of Chinese hydro project builder SinoHydro Corp. Officials of Ghana and the Export-Import Bank of China last year signed a financing agreement providing an initial US$292 million for construction of Bui on Ghana's Black Volta River. (HNN 9/28/07)
SinoHydro President Fan Jixiang said his firm had received full payment from the Ghana government and final approval for release of the China Exim bank funds, and would fast-track the execution of the project. Ghana has paid its US$60 million financial obligation for the project.
Kufuor said the government was considering construction of four other small hydro projects by SinoHydro depending on terms it could receive from the company.
Kufuor formally began construction of Bui Dam in a groundbreaking ceremony in August 2007. SinoHydro is building the project under an engineering-procurement-construction contract. Work is to be completed in 2012.
The total US$622 million project includes a power station, transmission line, an irrigation project, fisheries, tourism, and environmental mitigation components. Bui includes a roller-compacted-concrete dam and three generating units totaling 400 MW.