SEPCOIII Electric Power Construction Corp. and Firebird Mongolia Fund Ltd (through two of its subsidiary holding companies) complete a joint development agreement (JDA) for the development and financing of the Tevshiin Gobi coal mine and mine-mouth coal-fired 600 MW power plant project. The project is situated in Saintsagaan Sum, Dundgobi Aimag, Mongolia.
The terms of the JDA enable SEPCOIII to obtain a controlling equity stake in both the Tevshiin Gobi coal mine and power plant, which have a capital requirement of approximately US$1 billion.
James Passin, Principal at Firebird, commented: "This is an historic day for our project, which we created over four years ago. We are delighted to partner with one of the world's leading EPCs and believe that the project will benefit from SEPCOIII's operational expertise and financial resources."
During the World Economic Forum in Dalian, the signing ceremony was held with Mr D Zorigt, Minister of Energy; Mr Ts Sukhbaatar, Mongolian Ambassador to China; several Members of Parliament; and Mr Zeng Xingliang, Assistant to Group President and Executive President of Overseas Business Unit of POWERCHINA (the parent company of SEPCOIII). Mr Wang Lujun, the Chairman of SEPCOIII, and Mr James Passin of Firebird carried out the JDA on behalf of SEPCOIII and the Firebird entities, respectively.
Lai Chen, President of SEPCOIII Investment Company stated: "We are very excited about the progress of the 600 MW Tevshiin Gobi mine-mouth coal-fired power project in Mongolia and are happy to be working with Mongolia's largest foreign institutional investor, Firebird and its affiliates. Under the ‘One Road One Belt’ initiative and with the support of the Mongolian government, we are confident to bring this project to success and contribute to the growth of the Mongolian economy."
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/16092015/sepcoiii-and-firebird-complete-jda-for-the-tevshiin-gobi-coal-project-2864/