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Namibia's national power company NamPower and Copperbelt Energy Corporation (CEC) have agreed to develop a gas-to-power plant worth US$1.2bn in Kudu by 2017
The 1,050MW plant will be connected to the Namibian and South African electricity grids for local and regional use. CEC will hold a 30 per cent stake in the project, which will source gas from the offshore Kudu field.
NamPower will provide US$1bn, while CEC is expected to contribute up to US$100mn, reports added. NamPower is currently looking for another equity partner to finance the balance US$100mn.
NamPower and the National Petroleum Corporation of Namibia (NAMCOR) had signed a project development agreement to build the Kudu gas-to-power project in 2013. This project reportedly is among NamPower’s largest projects that has the capacity to triple the company’s power generating capacity.