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Buchanan Renewables gets US$112m from Oversea Board |
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Written by Wellington Geevon Smith
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Monday, 22 September 2008 |
The Oversea Board of Buchanan Renewables stationed in Grand Bassa County has approved a loan of US$112m for the company’s operations in Liberia.
The Board of Directors of the Overseas Private Investment Corporation, OPIC, said the loan is intended for the company’s biomass project.
The Vice President of OPIC, Mr. Jim Polan said Buchanan Renewables would build a 50-megawatt that will provide electricity to Monrovia and its surrounding areas.
Under the funding, Buchanan plans to construct a 35-megawatt power generation plant near Kakata in Margibi County.
The power plant will be fueled with wood chips from Liberian rubber trees that are beyond their useful life and must be removed to make way for re-planting.
According to Mr. Polan, the approval reflects the quality of this project and its potential contribution to the economic recovery of Liberia.
He said OPIC has identified Liberia as one of its highest priorities because of the great strides it has made to restoring democracy after a prolonged civil war.
President Johnson-Sirleaf welcomed the loan for Buchanan Renewables and repeated the need for the speedy implementation of the project.
The President reminded officials of the company in the United States that in all that we do, time factor remains crucial.
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