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Mongolia|business|September 16, 2015 / 01:54 PM
Firebird, SEPCOIII execute joint development agreement for Tevshiin Gobi coal mine and 600-MW power plant project

AKIPRESS.COM - with SEPCO Firebird Mongolia Fund, Ltd., a fund managed by an affiliate of New York-based Firebird Management LLC, via two of its subsidiary holding companies and SEPCOIII Electric Power Construction Corporation, a Chinese state-owned enterprise, announced execution of a joint development agreement for the development and financing of the Tevshiin Gobi coal mine and mine-mouth coal-fired 600-megawatt power plant project, reports PR Newswire.

The signing ceremony took place during the World Economic Forum in Dalian, China, following the receipt of the Power Construction Corporation of China, the parent company of SEPCOIII, delegation by Mongolian Prime Minister Chimed Saikhanbileg.

Under the terms of the development agreement, SEPCOIII will acquire a controlling equity stake in both the Tevshiin Gobi coal mine and power plant, which have a capital requirement of approximately USD 1 billion. The Tevshiin Gobi project is located in Saintsagaan soum, Dundgobi province of Mongolia. The power plant feasibility study was completed by American energy engineering firm and approved by the Mongolian Ministry of Energy in 2013.

James Passin, Principal at Firebird, stated: "This is an historic day for our project, which we created over four years ago. We are delighted to partner with one of the world's leading EPCs and believe that the project will benefit from SEPCOIII's operational expertise and financial resources."

Lai Chen, President of SEPCOIII Investment Company added: "We are very excited about the progress of the 600-MW Tevshiin Gobi mine-mouth coal-fired power project in Mongolia and are happy to be working with Mongolia's largest foreign institutional investor, Firebird and its affiliates."

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