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Songo Songo: finally sung
01 November 2001
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AES, through its subsidiary AES Tanzania, has seen through the completion of the $340 million financing for its Songo Songo gas-to-electricity project (Songas), a much welcomed closure given the years of protraction the project has faced ? well before it was taken over by AES last year. It is also Tanzania's first independent power project (IPP), and East Africa's second.
AES is the lead sponsor in Songas, whose other partners are the Tanzania Development Finance Company Ltd (TDFL), a vehicle including CDC, FMO and the EIB, and the Tanzanian gas and power utilities Tanesco and TPDC. AES, advised by HSBC, bought out the original partner, Trans Canada Pipelines (TCP) last year.
The Songas project involves developing a gasfield 25 km off the south coast of Tanzania in the Indian Ocean at Songo Songo Island and transporting it via a marine pipeline and a 217km land pipeline to Dar es Salaam and...
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