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SYMBION POWER SWITCHES TO LOCALLY PRODUCED MADAGASCAR OIL AT MANDROSEZA POWER PLANT IN ANTANANARIVO, MADAGASCAR

September 28, 2016

no-attachname-1NEW YORK, USA – 27 SEPTEMBER, 2016 – In a major milestone, local oil production company Madagascar Oil has started delivering fuel for the Symbion Power Mandroseza plant in Antananarivo, on the Indian Ocean Island of Madagascar. The plant is currently being rehabilitated by the American power investor.

Speaking from Washington, DC, Zelda Weitz, Chief Operations Officer of Symbion Power stated, “When we came to Madagascar in 2014 we understood the importance of utilizing domestic fuel from Madagascar, and that Tsimiroro oil could be used to fuel Mandroseza power plant. We always planned to utilize local oil and this weekend we have used it for the first time and we have been successfully producing reliable power for over 18 hours per day. The cost of our power at Mandroseza is the lowest in the country.” This is an important marker for Madagascar as it means that HFO self-sufficiency is possible in the future. Indeed, Symbion plans new power investments based on this local fuel source”

Symbion Power is a US Independent Power Producer that invests in power generation on the African continent. The company has ongoing activities in Madagascar, Tanzania, Kenya, Rwanda, Uganda and Nigeria.

Ms. Weitz continued, “Mandroseza power plant came back on line in early August and it will reach its full output after completion of the rehabilitation program at the end of 2016. It’s pleasing to see local oil delivering power that is desperately needed in a country where the development of the electricity sector is a huge priority. It is commendable that the government has pushed to make this happen because there are so many long term benefits for the country. Madagascar is an island nation, larger in area than France with a population of 23 million and it does not have a national electricity grid. At the end of June this year the International Monetary Fund approved a $304.7million-dollar Extended Credit facility for Madagascar. This will see the advent of new investments by the International Development Partners including the World Bank and the European Union, especially in infrastructure. We look forward to seeing new transmission projects and private sector firms like us invest in power generation at affordable prices to serve the Malagasy people.

Zelda Weitz, Chief Operations Officer of Symbion Power

Zelda Weitz, Chief Operations Officer of Symbion Power

“John P. Claussen, Chief Executive Officer of Madagascar Oil commented, “Madagascar Oil is delighted that Tsimiroro oil is being successfully used to fuel Mandroseza power plant, operated by Symbion Power. Tsimiroro Oil Field is an important national resource capable to support Madagascar’s growing energy requirements, with related economic benefits to the Malagasy state and the Malagasy people. Madagascar Oil believes that this milestone will send a positive signal to possible end users that Tsimiroro heavy oil is a reliable, efficient and competitive product for power generation to support local industry development in Madagascar. Madagascar Oil is pleased to be a continuing partner with the Malagasy state in responsible development of the Tsimiroro Oil Field.“

Symbion Power is one of the most dynamic American power sector firms in the electricity generation, transmission and distribution industry with an established presence throughout sub-Saharan Africa.

 

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