Symbion Rental Ubungo Power Plant

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Symbion Power LLC, a US-based power and engineering firm, bought the idle Dowans facility (project ID#4454, 3-years idle) for an estimated $120 million in May 2011. It immediately proceeded to activating the gas-fired facility of 120MW, and managed to bring it to operation by June 2011. Symbion Power was to conclude a new power-purchasing agreement with Tanesco, the Tanzanian parastatal. The rates are $4.99 per hour. The power-purchasing agreement contracted Symbion to supply 125MW of electricity using both gas and Jet-1 fuel. N.B. Symbion Power took over the facilities of Dowans Tanzania Ltd. As such, it is not a greenfield, but because this facility was lying idle for three years, it was opted to classify it as a (new) rental regardless (hence a greenfield). Symbion Power did conclude a new PPA as well. Add Symbion Power to sponsors. $120 million to buy the plant, yet acc. to rental formula, payment of $9.5 million payment/year.