Volta Aluminum Company, known as VALCO, is an aluminium company based in Tema, Greater Accra Region founded by Kaiser Aluminum and now wholly owned by the government of Ghana. VALCO was a joint venture with Kaiser Aluminum and ALCOA, major aluminum conglomerates both based in the United States. In 1961, Kaiser Aluminum & the Ghana Government invested in the Akosombo Hydroelectric Project to provide energy for its aluminum smelters. The company had negotiated favorable terms for power purchase with the government. The agreement was re-negotiated in 1985, by the Rawlings government, to reflect the increased value of electrical energy.