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MagEnergy nears completion of unit rehab at DR Congo's 1,424-MW Inga 2

Canadian magnesium producer MagIndustries Corp. reports its MagEnergy Inc. subsidiary has nearly completed refurbishment of a 168-MW generating unit of the 1,424-MW Inga 2 hydroelectric project in the Democratic Republic of Congo (DRC). MagEnergy has been performing Phase 1 rehab of the project on the Congo River, including emergency repairs to several turbines and refurbishment of the previously non-functioning 168-MW turbine. (HNN 4/7/08) In a statement of year-end results, MagIndustries said MagEnergy has completed about 90 percent of the work necessary to refurbish turbine G23, the first contract at Inga 2. �MagEnergy is close to completing its initial Phase 1 refurbishment project and the sale of the energy generated from that project will make a solid contribution to the company's results,� MagIndustries said. �Revenues from the sale of 84 MW, representing 50 percent of the fully restored 168-MW capacity, will potentially be generated by late 2009.� In February 2008, DRC Prime Minister Antoine Gizenga endorsed a proposal by MagEnergy to perform Phase 2 rehabilitation of Inga 2. The estimated US$110 million Phase 2 program would rehabilitate an additional four turbines at eight-unit Inga 2, to restore them to operation over five years. Under an agreement with the DRC utility, Societe Nationale d'Electricite, MagEnergy is leading refurbishment of the project with partner Industrial Development Corp. of South Africa. Currently, the 350-MW Inga 1 and 1,424-MW Inga 2 produce a total of only 500 MW due to lack of maintenance. MagEnergy and IDC, which holds 30 percent interest in Phase 1 and 15 percent of Phase 2, plan to restore a significant portion of the lost generation under a public-private partnership. Last year, the five-nation Western Power Corridor Co. (Pty) Ltd. (Westcor) launched development of the 4,300-MW Inga 3 project with a solicitation for advisers, consultants, and operational staff. (HNN 2/21/08) Inga 1 and 2 are the keystone of a proposal by DRC and its neighbors to invest up to US$40 billion to expand the Inga complex to a target capacity of 40,000 MW.

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