Imaloto Coal power station
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Imaloto Coal power station is a power station in the pre-permit stage in Benenitra, Atsimo-Andrefana, Madagascar.
Location
Table 1: Project-level location details
| Plant name | Location | Coordinates (WGS 84) |
|---|---|---|
| Imaloto Coal power station | Benenitra, Atsimo-Andrefana, Madagascar | -23.452222, 45.078056 (approximate) |
The map below shows the approximate location of the power station.
Project Details
Table 2: Unit-level details
| Status | Fuel(s) | Capacity (MW) | Technology |
|---|---|---|---|
| pre-permit | coal: unknown | 30 | subcritical |
Table 3: Unit-level ownership and operator details
| Owner | Parent |
|---|---|
| Lemur Resources Ltd [100%] | Bushveld Minerals Ltd |
Project-level coal details
- Coal source(s): Imaloto coal mine
Background
Lemur Resources is a wholly owned subsidiary of Bushveld Minerals and is the company’s coal and power platform. The company’s flagship project is the Imaloto coal mine in the Sakoa Basin of southwest Madagascar, consisting of four exploration permits and one mining and exploitation permit covering a total area of approximately 81.25 square kilometres. Lemur has the only coal mining exploitation license in the country. Since 2008, Lemur has invested approximately US$10 million on developing the project. In 2012, Lemur took the decision to expand the scope of the project from coal mining only to include a 45MW coal power plant and a new 200km transmission line. In 2013, the company completed a pre-feasibility study for the plant and transmission line, and scoping study for the mine.[1]
In April 2017, Lemur Resources signed a memorandum of understanding (MoU) with PowerChina's Sinohydro for the coal project in Madagascar. Under the deal, the companies would jointly develop an initial 60MW Imaloto independent power producer (IPP) coal power plant and associated 200km transmission lines in Benenitra, Atsimo-Andrefana. Coal for the power station was expected to be procured from Lemur's mining permit area, the Imaloto coal mine in Madagascar. The companies were preparing an environmental impact assessment.[2]
In November 2017, Bushveld Minerals signed a power purchase agreement (PPA) with national utility Jiro sy Rano Malagasy (Jirama) for the project. Under the terms of the PPA, Jirama would only take 10MW from the plant, with the remainder sold to large energy consumers in the south of the country.[3]
In May 2018, Bushveld Minerals signed a 30-year concession agreement with the Madagascan government giving Bushveld subsidiary Lemur Holdings Ltd the right to build, own, operate and maintain an initial 60MW coal plant and build a 200km 138kV transmission line. The agreement also aimed to facilitate any future discussions with Jirama on further lines to connect large customers, as well as grant authorization for road and other associated infrastructure for the project and add provisions for lenders. Completion of a full technical and financial feasibility study for the power plant and transmission line was expected in June 2018 and the ESIA by the end of the year.[3] The plant commissioning date was expected in 2021, subject to approvals and financial close on approximately US$200 million of funding.[1]
In April 2019, Lemur said it had completed a bankable feasibility study for the power side of the project, and that the social and environmental study was scheduled to be complete in 2019. Talks were reportedly ongoing over the financing and engineering, procurement and construction (EPC) contract for the power station.[4] In its 2019 Annual Report, Lemur Resources said it expected to submit its Social and Environmental Impact Assessment (SEIA) studies for the project to the Ministry of the Environment during the second half of 2020.[5]
As of 2019, the plant was expected to be commissioned by 2022.[6] In September 2019, the CEO of Lemur Holdings referenced the proposal and touted the benefits of using local coal resources. [7]In the fourth quarter of 2020, Lemur Resources appointed the Development Bank of Southern Africa as its Mandated Lead Arranger (“MLA”) for the construction capital funding of up to US$155 million for the Imaloto Power Project.[8]
According to Bushveld’s 2020 annual report, the project is at an "advanced stage." The feasibility studies for both the power plant and the transmission line were completed by Sinohydro, following a technical cooperation agreement signed in 2017. In addition, most Social and Environmental Impact Assessment studies were reportedly completed and submission to the Ministry of the Environment was expected to occur in the second half of 2021.[9]
As of May 2022, there were no apparent updates on the progress of this power station or the Social and Environmental Impact Assessment studies. The status of both the financing and permitting processes is unclear following China's commitment to halt investment in international coal projects. This plant puts Madagascar on a short list of nations with only a single coal project in the pre-construction phase, and it is among only four that was to be Chinese-financed.[10]
According to Bushveld Minerals' 2021 annual report, published in June 2022, progress on the project appeared to be ongoing. The company stated that they had a concession agreement with the government of Madagascar to own and operate 60 MW of generation capacity. Rather than developing a 60 MW coal power station, they would instead develop 30 MW of coal power and 30 MW of solar power.[11]
Bushveld Minerals' report from the first half of 2022, published in September 2022, did not appear to include updates on the progress of the power station project.[12]
In their full-year report for 2022, published in June 2023, Bushveld Minerals stated that their Imaloto Coal Project was "impaired during the year" at a loss of US$5.1 million, "as there are no further planned expenditures for this project."[13]
Bushveld Minerals’ 2023 annual report stated that the Imaloto Coal Project was again impaired in 2023, and that the company had entered into an agreement to dispose of Lemur Resources and the coal project. The agreement was pending approval by the Development Bank of South Africa.[14]
Financing
Initial funding: In April 2019, Lemur Holdings raised US$1 million from the Development Bank of Southern Africa toward the project.[15] Between 2008 and 2020, Lemur invested over US$10 million in developing the project.[16]
Additional funding: In 2020, Development Bank of Southern Africa appointed Mandated Lead Arranger (“MLA”) for the construction capital funding of up to US$155 million for the Imaloto Power Project.[8]
Articles and Resources
References
- ↑ 1.0 1.1 "Lemur Resources," Bushveld Minerals, accessed November 2017
- ↑ "Lemur and Sinohydro sign MoU to develop Imaloto IPP coal power plant in Madagascar," Power Technology, April 5, 2017
- ↑ 3.0 3.1 "Madagascar: Concession agreement signed for Imaloto coal power project," Africa Energy, May 23, 2018
- ↑ "Bushveld Minerals' Lemur arm looks to financial close at Imaloto in Madagascar," Proactive Investors, April 10, 2019
- ↑ Annual Report, Bushveld Minerals, December 2019
- ↑ "Énergie – La résolution du délestage prendra du temps," L'Express de Madagascar, February 23, 2019
- ↑ "« Le charbon peut aider à réduire les coûts énergétiques à Madagascar », Lemur Holdings," Agence Ecofin, September 18, 2019
- ↑ 8.0 8.1 "Other Investments," Bushveld Minerals, accessed September 8, 2021
- ↑ "Annual Report and Financial Results December 2020," Bushveld Minerals, released July 2021
- ↑ "No New Coal by 2021: The Collapse of the Global Coal Pipeline" (PDF). E3G. September 2021. Retrieved May 25, 2022.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Annual Report and Financial Results December 2021," Bushveld Minerals, released June 2022
- ↑ "Interim Results for the Six Months ended 30 June 2022," Bushveld Minerals, September 13, 2022
- ↑ "Full Year Results for the 12-month Period Ended 31 December 2022," Bushveld Minerals, June 21, 2023
- ↑ “Year-End December 2023 Annual Report & Financial Results,” Bushveld Minerals, July 2024
- ↑ "Lemur signs $1m finance deal for Madagascar’s Imaloto project with DBSA," Mining Mx, April 11, 2019
- ↑ Other Investments, Bushveld Minerals, accessed November 16, 2020 (archived December 5, 2020)
Additional data
To access additional data, including an interactive map of coal-fired power stations, a downloadable dataset, and summary data, please visit the Global Coal Plant Tracker on the Global Energy Monitor website.
