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The signing of the agreement between Aksa Energy's subsidiary, Aksaf Power Ltd. and Societe Jiro Sy Rano Malagasy (Jirama) for the rehabilitation and operation of a 24 MW power plant, owned by Jirama and located next to our existing power plant running at 66 MW, was publicly disclosed on 19.04.2018.
In addition to the 12 MW installed capacity, which was commissioned on 06.12.2018, the remaining capacity has been commissioned by the Ministry officials today, bringing the total installed capacity to 24MW.
The electricity generated by the power plant will be sold to Jirama for a duration of 5 years under a power purchase agreement (take-or-pay) denominated in US Dollars.
Respectfully announced to the public.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.