Intrasia Capital and NDC tighten Energy Development in Tanzania

Release date: June 18, 2013

The signing of four Memorandums of Understanding (MoU) at the inaugural Tanzania-Singapore Business Forum 2013 last week, shows both countries are consolidating business ties for the future. Signings were attested by the President of the United Republic of Tanzania, H. E. Jakaya Kikwete, and his delegation.

Over 200 participants from the infrastructure and energy sector attended the Tanzania-Singapore Business Forum that took place on the 5th of June 2013 at the Raffles City Convention Centre in Singapore. Vice Chairman of the Singapore Business Federation (SBF), Mr. Teo Siong Seng, opened the event by addressing the business opportunities both countries may benefit from. As Tanzania shifts from an agriculture-based economy to an industry and energy based economy there are numerous opportunities for Singaporean companies, stated Mr. Siong Seng. The MOUs signed that day in good faith between Tanzania and Singapore should demonstrate “that the interactions between both business communities will gradually translate into deeper engagements and subsequent collaborations”, expressed the Vice Chairman of SBF.

A total of four MoUs were signed at the Forum regarding trade and investment, the provision of offshore oil and gas logistics, port development, management and operations, and energy development.

Mr. Gideon Nasari, CEO of NDC (front: left) and Mr. Graeme Robertson, Vice Chairman of Intrasia Capital and Chairman of Geothermal Power Tanzania (front: right) signing the MoU for energy development and power production in Tanzania. Signing is witnessed by the President of the United Republic of Tanzania, Mr. H. E. Jakaya Kikwete (back: mid), and his delegation. Photo: SBF.

The MoU regarding energy development was agreed between Intrasia Capital Pte Ltd (a related party of Geothermal Power Tanzania Limited) and the National Development Corporation Tanzania (NDC) who signed the MoU to cooperate and negotiate in good faith definitive Public Private Partnership (PPP) arrangements and related agreements for, among other things, the exploration and development of geothermal resources in Tanzania and the development of power stations in Tanzania. The development of geothermal power stations will be supported by Singapore industrial expertise and investment support.

Mr. Graeme Robertson, Chairman of Intrasia Capital, stated that Tanzania’s growth of about 7 % GDP per annum and its large population will increase power consumption. Intrasia Capital is now strongly integrated in the energy sector in Tanzania by developing fossil and geothermal resources for power generation, commented Mr. Robertson.

Fostering the development of geothermal power in Tanzania by signing the MoU within the Tanzania-Singapore Business Forum 2013 is unique moment in the history of Tanzania and implies the country has embraced the new era of renewable energy.

References: SBF, business.asiaone