U.S. Company Symbion Power Acquires 120 MW Power Plant

DAR ES SALAAM, Tanzania, May 23, 2011 /PRNewswire/ -- Responding to recent press reports, Washington based power company Symbion Power has confirmed that they have indeed signed an agreement to acquire a 120 MW power plant in Tanzania.

Alongside current options for the equipment internationally, Symbion intends to submit a bid proposal to Tanzania Electric Supply Company Limited (TANESCO). The plant has recently been tested by independent engineers and has been confirmed to be in excellent running order and able to produce power at short notice.

Symbion has joined forces with ProEnergy Services, a U.S. based multi-national integrated service provider to the energy sector, who operate and maintain power plants on a global basis. ProEnergy Services has extensive aero-derivative gas turbine operation and maintenance experience, and will act as Symbion's Technical Services Partner.

In Tanzania, Symbion Power already has extensive electrification contracts that are funded by the U.S. Government through the Millennium Challenge Corporation, as well as the Tanzanian Rural Electrification Agency and TANESCO. Symbion's work encompasses the construction of 3000km of overhead power lines and 26 substations across 8 regions in Tanzania and Zanzibar.

Paul Hinks, Chief Executive Officer, Symbion Power said, "the negotiations with the former owner have been challenging and, as a consequence of past reports, we have undertaken extensive due diligence. This due diligence also encompassed the thorough examination and testing of the equipment to ensure that it is in excellent condition. The results have been positive; the plant has been very well maintained."

Hinks went on to say, "it gives me great pleasure to be able to move to the next phase which is to offer electricity to TANESCO and to the people of Tanzania at a time when load shedding and disruption to consumers is worsening. The 120 MW that this plant can deliver would have a significant impact on the power situation in Tanzania." Hinks continued, "We want to keep the plant in Tanzania, but if TANESCO does not wish to utilize our services, we have other opportunities for its use overseas. This is a mobile plant that can be moved easily.

Chairman, Symbion Power Africa, Ambassador (ret.) Joseph Wilson said, "the Symbion Ubungo power plant has been sitting idle for almost three years while this country has faced and continues to face extraordinary challenges as a result of a shortage of power generation capacity. On behalf of the Board of Directors of Symbion Power and all our staff in Tanzania and elsewhere, I am proud to say that the plant can now be revived and I am hopeful that the Government of Tanzania will be interested in engaging our services."

Symbion Power is an American company that specializes in developing complex turnkey electric power infrastructure systems, including transmission lines, substations and switchyards and thermal power plants, in regions of the world where conflict and instability are major impediments to progress. The company is headquartered in Washington, D.C., and has offices in several other countries http://www.symbion-power.com.

SOURCE Symbion Power