CRESCO Project Finance has achieved financial closure of Maamba Collieries Ltd’s fully integrated coal and power project in Zambia.
The project consists of the redevelopment of an existing colliery and the construction of a 300 MW coal-fired thermal power plant (and related infrastructure). It will be located close to the town of Maamba and the cost of completion is approximately US$830 million.
The key promoter is Nava Bharat (Singapore) Ltd, holding 65% of the equity stake in Maamba Collieries Ltd. The balance is held by the ZCCM Investments Holding. A group of lenders, including the Development Bank of Southern Africa, the Industrial Development Corporation of South Africa and commercial banks, including the Bank of China, the Industrial and Commercial Bank of China, Standard Chartered Bank and Barclays Africa Group Ltd, has provided finance.
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/exploration-and-development/04082015/financial-closure-for-the-maamba-project-266/