Oct 8, 2001, 12:01 AM
News Code: 9031372
0 Persons
Australia in light green given plant power New and (CEN:ASX) Ltd Energy Contact -- Pulse IRNA-Asia 8, Oct Melbourne, the to go-ahead the given have Mission Edison shareholder cornerstone 300 ,(million 54.US81 dlrs) million A164 dlrs a of construction .Victoria in plant power peaking (MW) megawatt site a on built be will Power, Valley as known be to project, The Yang Loy as known Victoria, in facility existing Edison's to adjacent .plant fired brown-coal 1000MW a station, power B a with each generators refurbished six of consist will project The .50MW of capacity nominal capability fuel dual have would plants the said Energy Contact .agreement long-term a under supplied gas being fuel primary the with peak of times at electricity provide to used be will plant The" summer of height the in and outages during particularly prices, power .said company the "greatest, is demand when sale the for contract a by underpinned is revenue Power's Valley" ".electricity of the party, related a was Edison that fact the to due said Contact the of terms the of negotiation and project evaluated been had project independent its of committee a by overseen been have investment .directors million, 66 dlrs be will costs project the of share Contact's around it give would cost project total of estimates current on which .said company the project, the of percent 40 March for scheduled is which construction, of completion the After with refinanced, be will cost project the of portion a 2002, .refinancing this for secured principle in commitments to intends it which option the has Contact point, that At" by stake, percent 50 a to interest ownership its increase to exercise, company the "refinancing, from proceeds the of share its reducing .said estimates current or investment residual Contact's of amount The" ".million 30 dlrs about be to expected is the to value added investment the said Pryke Phil chairman Contact .reasons of number a for company for rate hurdle company's the exceeds it foremost and First" Contact's meets cover contractual significant its with and investments .said he "appetite, risk Australia in growth of avenue attractive an provides it Further" further gain to Contact for opportunity an and term, near the in .market Australian the in experience and knowledge our with relationship company's the enhances it Finally," for platform a with Contact provides and shareholder cornerstone all of benefit the for initiatives joint further developing ".shareholders due of receipt including conditions to subject is project The letter commitment a and approval investment foreign reports, diligence .refinancing post-construction the for banks from .81.2 dlrs at traded last shares Contact BG/AH End