PRESS RELEASE
Singapore, 4th December 2013
VELCAN ENERGY ANNOUNCES CONSORTIUM AGREEMENT WITH PLN SUBSIDIARY TO CO-DEVELOP A 59MW HYDROPOWER PROJECT IN ACEH
Velcan Energy announces that it has signed an exclusive Consortium agreement with PT PJB (PT Pembangkitan Jawa-Bali), a 100% subsidiary of Indonesia's national power utility PT PLN. The consortium will co-develop the 59MW "Meureubo 2" Hydropower project in the Aceh province of Sumatra, Indonesia.
Velcan Energy started the development of Meureubo 2 in 2011 and incorporated the PT Aceh Hydro Power company as the special purpose vehicle for this project.
Velcan Energy will be the Consortium leader of the Meureubo 2 Hydropower Project with a 70% stake and is pleased to welcome on board PT PJB who will have a 25% stake and will be responsible for the operations and maintenance of the power plant.
The local partner PT PPC will own the remaining 5%.
The consortium plans to initiate PPA negotiations with PT PLN during the first semester 2014.
* * *
Investor Relations Contact investor@velcanenergy.com
Nicolas Konialidis konialidis@velcanenergy.com
About Velcan Energy
- Velcan Energy develops, finances and operates hydro power concessions in emerging markets. It is listed in Paris on the NYSE-Euronext exchange (ALVEL FP).
- Velcan Energy develops projects in Indonesia, India, Brazil and Laos.
Disclaimer
This press release contains prospective information about the potential of the projects in progress and/or of the projects of which the development has begun. This information constitutes objectives attached to projects and shall, in any case, not be construed as direct or indirect net income forecast of the concerned year. Reader's attention is also drawn on the fact that the performance of these objectives depends on future circumstances and that it could be affected and/or delayed by risks, known or unknown, uncertainties, and various factors of any nature, notably related to economic, commercial or regulatory conjuncture, which occurrence could be likely to have a negative impact on future activity and performances of the Group.
This announcement does not constitute a public offering ("offre au public") nor an invitation to the public or to any qualified investor in connection with any offering. This announcement is not an offer of securities in the United States of America or in any other jurisdiction/country.
