CIC Energy presents formal bids to BPC, Eskom for power purchasing deal
source: Standay Standard
29.03.2009
The Mmamabula power project is being hurried after it suffered setbacks last year when power off-takers Botswana Power Corporation (BPC) and Eskom declined to underwrite risk at the back of escalating costs of the project.
This week the promoters of the project, CIC Energy—listed on the Botswana Stock Exchange (BSE) —revealed that the expectation is to complete the Power Purchase Agreements (PPAs) and financing this year.
“These bids are being reviewed by the management team and board of Eskom and BPC and the outcomes of this process are expected in the second calendar quarter of this year,” Greg Kinross, President of CIC Energy said in a statement.
The proposed PPAs are for 30 years.
The move follows the formal award of an Engineering, Procurement and Construction (EPC) to Shanghai Electric Group.
The developers last year signed a preliminary agreement with the Chinese outfit immediately after [continue reading]
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30 March, 2009 at 5:46 pm
1. No mention of the mine needed to fuel the power plant.
2. A 1320 MW power plant will cost at least $2.4 billion and take 3 years to build. The mine will cvost at least $500 million. Meaning a lot of cash outflow before any revenue. Where is CIC, with a very small balance sheet, going to get the needed equity and debt when we are in the midst of the worst financial crises since 1930?