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This blog is brought to you by Gilbert & Samuels Company Limited, a financial advisory services and consulting company based in Suva, Fiji.
To contact the authors of this blog, please call telephones (679) 3342719, (679) 3544897 or e-mail info@gilbert.com.fj.


Sunday, October 15, 2006

F$23 million energy project launched

A cogeneration project between Tropik Wood Limited and its overseas partners has been launched as the future for fuel and energy consumptions during the groundbreaking ceremony for the company's F$23 million upgrade.

The project is expected to provide an annual revenue of about F$9 million per annum, providing an increased 72 million units of electricity to the Fiji Electricity Authority's national grid.

The project is a clear example that alternative sources for power need to be pursued given current high international oil prices and the increase in electricity production costs for the Fiji Electricity Authority.

Tropik Wood currently generates 3,000 kilowatts with FEA buying 600 of that from the company. With the expansion of cogeneration, Tropik Wood would be in a position to generate 12,300 kilowatts and supply up to 72 million units of electricity to the FEA national grid.

The project will provide additional employment to about 30 people during construction and an additional 10 people to operate and maintain the plant.

The project is the first of several bio-fuel electricity projects for Tropik Wood who aims to be a serious electricity producer.

The partnership formed between Tropik Wood and its overseas business partners include Siemens Limited providing the steam turbine generators, RCR5 Easteel Energy Systems providing the boiler, water cooling towers from Cooling Towers New Zealand Limited and civil and structural works will be done by Engineering Design Fiji Limited. The project development and management partner for Tropik Wood is Ajynk New Zealand Limited with Westpac Banking Corporation providing the loan required in purchasing the equipment as well as the payment for other services associated with the cogeneration project.

Note from GV : Fiji provides incentives to businesses that wish to operate in the area of alternative and bio-fuel production. Foreign investors that wish to get more information on this with the intention of getting a licence to operate in the area can contact our company, Gilbert & Samuels Company Limited, by e-mail on gilbert@connect.com.fj or telephone +679 3396427 or +679 9921427.

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