Chinese take major stake in new power project
In response to delays in the Mmamabula Energy Project (MEP), Chinese energy and mining titan Golden Concord Holdings Limited has snapped up a controlling equity in the 300-megawatt power station being developed by CIC Energy.
With the 1 200 MW coal-fired Mmamabula Energy Project (MEP) hamstrung by South African bureaucracy, CIC Energy last week announced it would fast-track the development of a 300 MW power station for domestic consumption purposes. The new station – which will also be coal-fired – will everage on the technical groundwork done for MEP and seek a Power Purchase Agreement with the Botswana Power Corporation and financial input from debt and equity partners. CIC Energy last week unveiled [continue reading]