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07.08.2013 16:15
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Energy Holdings International, Inc. (EGYH), Signs MOU For GE To Become An Equity Partner In Its 450 MW Power Plant In Bangladesh
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PR Newswire
HOUSTON, Aug. 7, 2013
HOUSTON, Aug. 7, 2013 /PRNewswire/ -- Energy Holdings International, Inc. has selected the LMS 100 turbine for its two 225 MW Power projects in Bangladesh and has signed an MOU with GE Capital Markets to become its equity partner for 20% of the project. Certain milestones are to be met by the parties for Project Finance in order to begin construction. The EPC (Engineering, Procurement and Construction) Company has also been selected and the EPC Contractor will also have a 20% equity position in the approximately $400 Million USD project. These MOU's give the company a substantial amount of capital; that will help catapult the company to a position for future projects in the power development arena. The company is presently in a dialog to develop two additional power plants in the Middle East stated Chairman John Adair.
The Bangladesh project will be in two phases with one plant being built at Bibiyana and the second site at Frenchugauj or a site accessible to the power grid.
The power plants will be combined cycle utilizing natural gas as the feed stock.
O & M Solutions, a local engineering consulting company will provide local technical support for the project, said Mr. Jalal Alghani, Vice-Chairman for Energy Holdings International. Mr. Alghani has been at the forefront in negotiating the agreement with all parties.
Energy Holdings International, Inc. is a Saudi-American Company located in Houston, Texas, Riyadh, Saudi Arabia and Dubai, UAE. It also is active in pursuing oil and gas acquisitions in the Continental United States and Canada and plans to finalize an acquisition in 2013, stated Adair.
In light of these risks, uncertainties and assumptions, the event anticipated by EHII's forward-looking statements may not occur, and , if any of such events do, we may not have anticipated the timing of their occurrence or the extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any EHII's forward-looking statements speak only as of the date made and EHII undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.
SOURCE Energy Holdings International, Inc.
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