CIC Energy raises $65 million to finance the Mmamabula Energy Project

The BVI-based CIC Energy Corporation has reported in the beginning of August about its plans to build a coal-fired power plant and adjacent mine in Botswana – the Mmamabula Energy project. It is estimated at $6.3 billion, and is planned to be the largest private sector infrastructure project in southern Africa.

The company has informed that it has an agreement to raise $65 million in new equity through private placements, which will be used to help financing the Mmamabula Energy Project, located in Botswana.

CIC CEO Greg Kinross has commented that the company is going to sign long-term power purchase agreements with South Africa’s largest electrical utility Eskom Holdings Ltd., and with Botswana Power Corp. He also said that he expects a positive result from the environmental impact review which is completed now.

CIC Energy is a 50% joint venture partner in the first phase of the Mmamabula Energy project with  International Power PLC, British company operating power plants.

Leave a Reply

You must be logged in to post a comment.