Symbion power looking for investors in 600 mw Mtwara project

What you need to know:

The Mtwara project is currently not funded by the US Government or any other lending institution because technical and financial project details are still being developed in order for the project to move forward to a financing stage.

Several potential investors have shown strong interest in Symbion Power’s 600 MW gas-to-power project in Mtwara.

The Mtwara project is currently not funded by the US Government or any other lending institution because technical and financial project details are still being developed in order for the project to move forward to a financing stage.

Symbion anticipates that the project will be financed with a mix of debt and equity, and early stage conversations are taking place with potential lenders and equity partners. However, in 2016 Symbion intends to engage in more meaningful financing discussions with interested parties.

The Mtwara project represents Symbion’s Private Public Partnership with Tanzania Electric Company (Tanesco). Tanesco will be the sole off-taker but large-scale industrial developments will also benefit from access to the increased electricity generated by the Mtwara power plant. Once signed, the 25-year power purchase agreement will also allow for the financing and construction of the power plant.

Natural gas discoveries off the coast of southern Tanzania have catalyzed a wave of new investment opportunities, according to the statement.