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Economy / Featured News / Mining / Mongolia News / November 19, 2014

Power plant project to attract over one billion USD in investment

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Over one billion USD will be invested to construct a 600 MW mine-mouth power plant at the Tevshiin Gobi brown coal mine in Saintsagaan soum of Dundgobi Province, owned by Mogul Power LLC.
A binding memorandum of understanding (MoU) to cooperate on the financing and implementation of the Tevshiin Gobi Power Plant Project was established between China’s State Owned Enterprise SEPCOIII Electric Power Construction Corporation and Mogul Power LLC of Mongolia, on November 17.
The feasibility study of the power plant was carried out by the American energy engineering firm, Burns and Roe Enterprises Inc, and approved by the Ministry of Energy of Mongolia in 2013. The project has received a construction permit from the Mongolian Energy Regulatory Commission and approval of its environmental impact assessment from the Ministry of Environment.
An MoU signing ceremony was held at the Embassy of Mongolia in Beijing, China, where both sides expressed their intentions to closely cooperate in order to successfully implement the project. Ambassador of Mongolia to China Sukhbaatar Tsedenjav was present at the signing ceremony and expressed his support for the project. He remarked, “The Government of Mongolia supports this project, which is the first mine-mouth IPP in the history of our country, and which – I believe – is the initiation of further cooperation between the two nations.”
Mogul Power LLC was founded and financed by two funds managed by an affiliate of New York-based Firebird Management LLC. Principal at Firebird Management LLC, James Passin, commented, “I am excited to advance this important energy project in Mongolia following the passage of the Investment Law in October 2013.”
Founded in 1985, SEPCOIII is an international electric power construction contractor and a leading subsidiary of China’s energy services corporation, Power Construction Corporation of China, which is also known as PowerChina. Since 2013, SEPCOIII has broadened its strategy to include the independent power producer business sector. SEPCOIII has been actively seeking power project investment opportunities internationally, within Mongolia in particular.
Vice President of SEPOCOIII Zhang Hongsong said, “This project underpins the importance of the recent discussions for more energy cooperation during the recent APEC meetings in Beijing and also recently addressed between the top leaders of both countries.”

SOURCE: Ub Post




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