Mogul Power and SEPCOIII Electric Power Construction Corp. have signed a memorandum of understanding (MoU) for the development and financing of the Tevshiin Gobi power plant project in Mongolia.
The US$1 billion mine-mouth power project will be constructed on the Tevshiin Gobi coal deposit in Monglia’s Dondgobi Province.
Mogul Power is a Mongolia-listed company founded and financed by two funds managed by an affiliate of New York-based Firebird Management. Firebird is now the largest foreign institutional investor operating on the Mongolian Stock Exchange.
SPECOIII is an international EPC power contractor and subsidiary of China’s Power Construction Corp. of China.
Commenting on the agreement, Sukhbaatar Tsedenjav, the Mongolian ambassador to China and witness to the signing of the MoU, affirmed the government of Mongolia’s support for the project which he hoped would “pave the way for further cooperation between our two great countries.”
Written by Jonathan Rowland.