Mesa Fund 1, a global opportunity fund that is managed by Milost Global, has partnered with TC’s Energy Limited on a Ghanaian energy project.

TC’s Energy Limited is a Ghanaian Independent Power Producer seeking to generate 1,000 megawatts per hour (MW/H) of electricity from sea waves, in the Gulf of Guinea. 

TC’s Energy Limited has signed a 20 year Power Purchase Agreement with the government of Ghana through the government’s electricity utility company, Electricity Company of Ghana Limited (ECG). 

According to the PPA, the government will purchase a total of 1000 MW of electricity from TC’s Energy Limited for a period of 20 years and this will translate into $950m of annual revenues for TC’s which values the contract at $17bn.

Anthony Opoku, President & CEO of TC’s Energy Limited, stated: “This is a great day in Ghana and Africa at large. We are on the verge of executing the biggest Tidal energy project in Ghana and Africa. I really appreciate the effort of the various parties involved in structuring this deal. My deepest gratitude goes to Milost Global for supporting the vision of TC’s Energy.”

Milost Global has committed to fund all the costs of moving the project from pilot to full production of 1000 MW in return for equity in the company.

Mandla J. Gwadiso, CIO of Milost Global, said: “Electricity is central to any economic development undertaking, as we all know that businesses can’t operate without electricity and people in this age can’t live without it. It is therefore on such basis that Milost is investing in TC’s Energy.”  

“Our aim is to invest in the base foundations of economic development and therefore open doors for other investors to enter a market with a proven foundation and potential for growth. After all, Africa is still young and we believe in investing in the shaping of what a baby could become and in that respect, we attract more partnerships that could grow Africa and give it the platform that makes America great.” 

“For success to be achieved, faith, strong partnerships, resilience, patience, ambition and a will to become are the fundamental characteristics for any contrarian investor. This is just the beginning of our footing into Ghana and Africa and however long it takes, we are sure to endure the ride.”

Egerton Forster, President & CEO of Milost Global, added: "Milost is delighted for partnering in such a great project; we believe that this is the most relevant and opportune moment for Foreign Direct Investments to scale up their blows towards Ghana. As we have started this move, we will continue to seek opportunities as such within Ghana and outside.” 

“We commend TC’s Energy team for such a great move to help the economy of Ghana. It is time to cut all the nonsense, this is time for Africa; we know for a fact that many will follow suit as we begin our journey to invest in one of the world’s all time mineral resources producers,” he said.