27 February 2006 – The Power Generation Company of Trinidad and Tobago (PowerGen), a joint venture owned 39 per cent by Mirant, ten per cent by BP and 51 per cent by Trinidad and Tobago Electricity Commission (T&TEC), has signed a 30-year power purchase agreement for a 208 MW expansion at PowerGen’s Point Lisas Power Station on the island of Trinidad.
In announcing the project last week Mirant said its investment in the project will be $39m. The new facility will be a natural-gas-fired, simple-cycle power plant utilizing two combustion turbines. PowerGen is proceeding with the construction of this project.
“Today’s announcement underscores the commitment of all partners in PowerGen to the development of Trinidad and Tobago, the fastest growing economy in the region,” said Edward R. Muller, Mirant’s chairman and chief executive officer. Trinidad and Tobago enjoys a strong sovereign credit rating of A- by Standard & Poor’s.
The Point Lisas Power Station is one of the largest power plants in the Caribbean. It delivers 634 MW of electricity pursuant to a long-term power purchase agreement with T&TEC. The expansion will raise the total installed capacity at Point Lisas to 842 MW.