Prophecy Development Corp. has signed a joint development agreement with a Chinese partner to invest in the company’s 600 MW Chandgana coal-fired power plant in Mongolia.
Under the joint development agreement, the companies will create a consortium whereby the Chinese partners will provide legal, financial and technical exports to assist Prophecy to negotiate and finalise the Concession Agreement, Power Purchase Agreement and Tarrif Agreement with the relevant Mongolian ministries and agencies.
Following the completion of these agreements, the Chinese partner and Prophecy will enter into an investment arrangement that will result in the partner owning a minimum 51% stake in the Chandgana power plant.
The Chandgana power plant project will see the construction of a 600 MW coal-fired mine-mouth power plant in two phases.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/power/23122015/prophecy-signs-jda-with-chinese-partner-3341/