Electrogas insists it is well funded and will honour power station commitments

Updated - The Electrogas Consortium, which has been contracted by the government to build and operate the new gas-fired power station, insisted this evening that all of its members possess the necessary financial resources to continue funding the development costs of the project. Earlier, the Nationalist Party raised a number of questions on the financial difficulties reportedly affecting Gasol - the lead partner of the consortium. Electrogas said each member of the consortium is dedicated to completing the development of the project as quickly as possible and in accordance with all agreements and time schedules agreed with Enemalta. "Each member of the consortium possesses ample financial resources to continue funding the development costs of the project and their respective equity contributions needed to pay for the construction of the Project. This includes Gasol, which raised US$30m in the international bond market earlier this month," the consortium said. "The consortium continues to be supported by a group of high profile international banks, who will provide the balance of the funds needed, on a project finance basis, for the construction of the project." Electrogas said...