Prophecy Provides Update on Chandgana Power Plant Project: "Prophecy continues on-going discussions with the Ministry of Energy of Mongolia, its various working groups and the Energy Regulatory Commission on the Power Purchase Agreement (PPA) and the Tariff Application. Although all parties have indicted willingness and desire to conclude the PPA and Tariff Application, this is a time-consuming process, as the PPA is a major power off-take agreement with an independent power supplier for the Mongolian energy sector. Prophecy is optimistic that the negotiation of the PPA and Tariff Application can be successfully completed and will provide updates as appropriate.
Prophecy has received final detailed binding turnkey EPC quotes, amended for various cost optimization measures and transportation scenarios. The respective tailored EPC contract(s) are ready to be executed, pending conclusion of the PPA.
The Chandgana Power Project has attracted several major IPP (independent power plant) enterprises assessing a potential investment in the Power Project. One interested IPP enterprise has established an office in Mongolia, and is collaborating with Prophecy on the Power Project's technical and commercial aspects. Joint development discussions on the Power Project are actively on-going with a number of IPP enterprises."
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