| NamPower, Hwange deal down the drain |
|
|
| Written by Staff Reporters | |
|
The Pan African News Agency (PANA) reported, late on Thursday evening, that power utility NamPower has pulled out of the deal to finance a Zimbabwean coal mining company to produce the commodity for a thermal power plant supplying electricity to Namibia.
Under the deal, NamPower was to provide Hwange Colliery, a Zimbabwean
coal producer, with a US$16 million loan to refurbish its plant and
increase output to feed a nearby power plant which exports power to
Namibia, PANA reported quoting Zimbabwean energy officials
NamPower has also provided Zimbabwe’s Hwange Power Station with a US$50 million loan to refurbish three generating units in exchange for electricity. Fred Moyo, managing director of Hwange Colliery, was quoted as saying NamPower had shelved the deal without explanation. “What I can say is everything is on hold,” he said. No comment could be obtained from NamPower. |
| Next > |
|---|