US-based Symbion Power has announced plans to invest USD 900 million in the development of a new 600MW gas-fired Tanzania power plant.
According to the CEO of Symbion Power, Paul Hinks, in a recent interview with The Guardian, the company will partner with Tanzania Electric Supply Company (TANESCO) in order to complete the project, which is now moving into the next stages of development following the completion of feasibility studies.
Mr. Hinks went on to indicate that Symbion Power, which has already completed various projects in collaboration with the Millennium Challenge Corporation (MCC), is eager to support the Power Africa Initiative and is confident that it will experience significant development in the next few years as a result of the US-backed program.
“Like everywhere, there are challenges, but we have never been deterred in expanding our business operations and investing more money,” he said, “I think President Obama’s initiative will eventually become the major focus for power development in Tanzania.”
The Millennium Challenge Corporation (MCC) has invested nearly USD 800 million in Tanzania to date and has worked in collaboration with Symbion Power to complete a number of projects including the construction of 2,000km of distribution lines and 26 substations.