Turkey’s Aksa Enerji has signed a five-year power purchase agreement (PPA) with Ghana to install a 370MW power plant, electricity generation and the guaranteed sale of the energy, it said Aug. 10.

“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,” said a statement to the Public Disclosure Platform (KAP).

As per the agreement, Aksa Enerji will sell the electricity generated in full to Ghana with purchase guarantees and at the total price stated in the agreement in U.S. dollars via long term PPA, according to the statement.

The power plant is expected to be operational by the end of the first half in 2016 and is expected to increase operational profitability significantly, said the company.

“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,” it added.