British Virgin Islands based CIC Energy Corp (TSX: ELC) announced it signed a development agreement with International Power PLC (LSE: IPR) with respect to the Mmamabula Energy Project (MEP) in Botswana.
This latest deal follows the September 2008 agreement in which the parties pledged to develop one or more power stations utilizing coal from the Mmamabula coal field. It sets out the framewok under which International Power will take a 35 percent stake in the MEP and be responsible for the operations and maintenance of the power station component of the project.
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