· Updated Gas Sales MOU for the supply of gas for a 500MW gas to power project.
· Potential future expansion up to 1 000MW
· Fast track of initial 50MW pilot project would provide early monetisation capability from the Mukuyu gas field
Zim Now Writer
Based on its recent announcement of the first gas discovery in Zimbabwe, Invictus Energy has signed an updated MoU which could lead to the construction of a 500MW gas-to-power project.
“Invictus Energy Limited (“Invictus” or “the Company”) is pleased to announce that it has executed an updated Gas Supply MOU with Mbuyu Energy for the supply of gas to theirproposed 500 MW Gas to Power project. Invictus will supply the gas for the project from its 80% owned and operated Cabora Bassa Project in Zimbabwe,” announced Invictus in a statement released this Monday.
There might be quick implementation of an initial phase in order to provide some liquidity to capitalise further exploration.
“The parties may fast-track the development and construction of an up to 50MW pilot power plant designed to make use of gas produced from the second Mukuyu exploration well, or any subsequent exploration or appraisal well,” Invictus said.
One of the key terms of the agreement is that Mbuyu Energy will be provided with an initial twelve-month exclusivity period and preferred partner status for the Power Project from the completion of the Mukuyu-2 well drilling activity.
“We are thrilled to join forces with Invictus and One Gas Resources to not only unlock the immense potential of the Mukuyu discovery, but also pave the way for a cleaner and more sustainable energy future for Zimbabwe. This MoU signifies a critical step forward in transitioning Zimbabwe away from its reliance on coal power generation and towards a more diversified energy mix that includes natural gas and renewables,” said Mbuyu Energy director, Tunde Akerele.
The statements says that there is possibility of upgrading the planned 500MW gas to power project to a 1000MW facility.
This latest agreement updates a 2019 MoU signed between Invictus and Tatanga. Mbuyu is a consortium of Zimbabwean businesses that includes Tatanga Energy and Mangwana Capital, a shareholder in Invictus.
Tatanga Energy has several power deals in the pipeline including a 50MW solar plant at Sable Chemicals, the first phase of a planned 400MW project, a licence for a 100MW wind project on the Great Dyke, to be developed with Spanish energy developer Enerfin and 5MW solar plant at St Patrick’s in the Midlands, installation of solar mini-grids at nine institutions across Manicaland.
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