Era Resources Inc. has signed a Memorandum of Understanding (MOU) with Mayur Power Generation PNG Ltd for the long term provision of electricity services.
According to a statement by Era Resources the parties have agreed to negotiate on a non-exclusive basis the terms of a development agreement to secure over-the-fence supply of power for the Era’s Yandera Project in Madang.
André Wessels, Era’s Vice President of Global Operations said "we are impressed with Mayur’s strategic approach, and progress, with addressing some of the challenges in relation to power generation in PNG. We look forward to working with Mayur towards securing a competitive power solution for the Yandera Project.”
Mayur Power Generation is pioneering the development of a environmentally sustainable power generation via a “Enviro Energy Park” concept in PNG.
They are using a combination of fuel sources to address PNG’s chronic power shortages, the challenge of affordability and reliability, and currently have project sites in Port Moresby, Lae, and Madang.
Paul Mulder, Mayur’s Managing Director, commented that “we are excited about the potential of the Yandera Project and the significance of it as a project of national interest in PNG. Mayur Power Generation is optimistic about our ability to provide a cost effective and reliable power solution.”