| Company | Prime Meridian Docks (PMD) AssetCo Ltd, and Prime Meridiam Docks (PMD). |
| Sector | Transportation |
| Country | Ghana |
| Total Project Cost | USD 137m |
| PIDG Commitment |
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| Dates of PIDG involvement |
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*Image – Rendering of aerial view of Takoradi Port with Shiprite.
International Maritime Organisation (IMO) regulations dictate that commercial vessels undertake mandatory dry docking every two to three years. Currently, vessels operating in the Gulf of Guinea must undertake a 10-14 day journey to Walvis Bay port in Namibia or to Las Palmas in Spain to undertake periodic dry docking or ad hoc repairs. Such journeys contribute to lost time, increased fuel use and emissions, and leakage of foreign exchange from the region.
To address the lack of available dry docking facilities in the Gulf of Guinea, Project Shiprite will build and operate a new dry docking facility at the Port of Takoradi in Ghana. Servicing vessels of up to 200m in length, Project Shiprite will be delivered under a 25-year concession as part of a public-private partnership (PPP) with the Ghana Ports and Harbours Authority (GPHA). PIDG’s involvement, through its project development solution, InfraCo, will close a funding gap, de-risking the project and allowing it to progress to financial close and construction.
Project Shiprite will be the first modern, commercially managed repair yard in the Gulf of Guinea. Built to international standards, the project will establish Ghana as a regional maritime hub. It is expected to attract further DFI funding to high impact industrial PPPs in the region.
PIDG’s involvement allows construction to commence by unlocking over USD 100m of senior debt and mezzanine finance from development finance institutions (DFIs) and a local pension fund. The transaction pioneers the involvement of pension funds in infrastructure finance in the region.
The project is anticipated to deliver significant fuel and emissions savings by reducing overall travel distances. As the maritime industry seeks to decarbonise, the port will be well positioned to expand its operations to encompass green retrofitting of vessels and other similar services.
By reducing waiting time and in turn reduce losses/maintain revenues for traders which should boost productivity and support indirect job creation.
The project is expected to create up to 430 direct jobs, 30% of which are expected to be taken up by women.
