SUNBIZ

Biomass Power Plant Prep Works Begin

Ground preparation work on the US$35 million (FJ$72 million) 12 Megawatts Biomass Power Plant in Nabou, Nadroga, has commenced. It can now be visibly seen from the Queens Highway, five
11 Apr 2015 09:34
Biomass Power Plant Prep Works Begin
Preparatory ground works at the Nabou Biomass Power Plant site. Photo: WAISEA NASOKIA

Ground preparation work on the US$35 million (FJ$72 million) 12 Megawatts Biomass Power Plant in Nabou, Nadroga, has commenced.

It can now be visibly seen from the Queens Highway, five minutes after Natadola junction, for those travelling towards Nadi.

The renewable energy project has been possible through a joint venture partnership between Tropik Wood Industries Limited and a consortium of three Korean firms. The three Korean companies are GS Power, GIMCO and Korean Development Bank (KDB).

Fiji Pine Group of Companies executive chairman, Faiz Khan, said: “Tropik has had a less than ideal experience with its power plant in Drasa.

“We would not have embarked upon this venture but for the strengths that the joint venture partners from Korea bring to this project.

“The CEOs and Chairmen of the consortium will be in Fiji on Monday to execute the shareholders agreement.”

Mr Khan confirmed geotechnical surveys have been completed.

“Ground levels are being re-defined to suit the project design, bore holes are being dug for the all important water security for the biomass plant, etc,” he said.

The consortium

Looking at the joint venture partners, Mr Khan said GS Group spun off from LG Group and is the fifth largest company in Korea by sales volume.

“GS Power is a subsidiary of GS Group and over the last decade has expanded substantially in the clean energy sector,” he said.

“GIMCO successfully owns and operates a number of renewable energy plants in Korea. It provides the know-how to successfully build and operate the plant.

“Korean Development Bank is a wholly state-owned policy bank in South Korea.

“It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedite industrial development and enhance the national economy.”

Mr Khan said the strength of the names that form the consortium gave a lot of confidence about the success of this project.

“No project is without risks or challenges, but when the shareholders are able to bring together synergies for a common vision the challenges are mitigated,” he said.

“Whilst financial gain is the driving force for all shareholders, the passion that each party brings to this venture for development of renewable biomass energy will form the fundamentals of this project’s success factor.”

Feedback:  rachnal@fijisun.com.fj

 




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