LONDON (Alliance News) - Edenville Energy PLC Tuesday said it still aims to secure financing and secure an engineering, procurement and construction partner for the Rukwa coal to power project before the end of 2015, but said external factors beyond its control may cause delays.
"Edenville continues to progress the Rukwa coal to power project, with attention focused on the selection of engineering, procurement and construction, and financial partners. We have made significant progress in this area over the past 6 months and aim to complete the process during the fourth quarter [of] 2015, but external factors beyond our control may influence timing," said Chief Financial Officer Rufus Short.
Edenville is trying to secure an EPC contractor and a financing partner simultaneously, as the EPC contractor will determine how much money is needed to construct the project.
"We will pursue an integrated approach to project development, with the aim of implementation alongside the Tanzanian authorities, to provide a successful outcome for all stakeholders," said Short.
The company said it has now received cost analyses from several EPC contractors for the required boiler, turbine, generator and components for the plant. More contractors are expected to visit the project in Tanzania in the short term.
Edenville said it has also made "further development" in talks with potential financiers for the provision of debt finance for Rukwa.
"During the fourth quarter, when all interested parties will have concluded meetings and put forward formal proposals, we expect our discussions to reach a point where a structured, multi-party plan can allow the project to progress to the stage where advanced discussions on timing for project development can be entered into with the Tanzanian authorities," said Short.
Edenville shares were trading flat at 0.0600 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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