Power generation company Pacific Energy Limited (PEA) announced that its wholly owned KPS business has signed a new electricity supply contract with the Tropicana Joint Venture, comprising AngloGold Ashanti Australia Limited (70% & Manager) and Independence Group NL (30%). KPS will build, own and maintain the 44MW Tropicana Gold Project power station. This contract has a term of fifteen years commencing 20 May 2013. The Tropicana Gold Project is located approximately 330km east-northeast of Kalgoorlie, Western Australia. The 44MW Tropicana Gold Project power station continues the solid momentum of recent new contract wins secured by the Company’s KPS business, including: 12MW Garden Well power station for Regis Resources Limited; 20MW DeGrussa power station for Sandfire Resources Limited; and 9MW Nullagine power station for Millenium Minerals Limited. Pacific Energy continues to progress a range of new opportunities and is actively negotiating new electricity supply contracts with significant resource companies.
Pacific Energy’s Managing Director, Mr Adam Boyd said: “We are delighted to be partnering with AngloGold and Independence on the Tropicana Gold Project—the most significant gold mine development in the WA Goldfields in recent years—and to be a core element in the commencement of production at this flagship Project. “This is also an important milestone for Pacific Energy, marking the largest single contract win, in both size and term since Pacific Energy acquired KPS in May 2009 and follows a period of strong recent growth. It also positions Pacific Energy within reach of its stated expansion goal of achieving 250MW of contracted capacity by the end of this year. KPS now has contracted capacity in excess of 235MW across 19 mine sites within Australia.
Pacific Energy is an ASX listed (PEA) power generation project developer and owner. Headquartered in Perth, Western Australia, Pacific Energy is focused on the development, ownership and maintenance of mine site and renewable energy power stations. Kalgoorlie Power Systems, a wholly owned subsidiary of Pacific Energy Limited, is a leading provider of power generation infrastructure to the mining and resources sector in Australia. The business operates a build, own, maintain execution model with in excess of 235MW of contracted capacity at 19 mine sites across Australia. Pacific Energy Hydro, a wholly owned subsidiary of Pacific Energy Limited, owns and operates 6MW of hydro power generation capacity located approximately 70 kilometres east of Melbourne, Victoria. The Company’s hydro assets commenced operation in 1992 and comprise two separate power stations located at the Cardinia Reservoir and Blue Rock Dam.