25th Feb 2016 16:24
LONDON (Alliance News) - Driver Group PLC said on Thursday it has been awarded a contract with International Power Consortium South Africa to deliver project advisory and project management services for the new privately owned Saldanha gas-fired power plant.
Driver, which provides commercial and dispute resolution services to the construction and engineering industries, said the contract is subject to the procurement of sufficient funding for the project, the first stage of which is the securing of seed capital for the completion of a bankable feasibility study. It said this was not yet complete.
Driver will provide transaction advisory, feasibility, strategic project advice and project management through construction and completion, if funding can be found for the power plant, which is to be located in Saldanha Bay, South Africa. It will have a capacity of 1,500 megawatts.
Driver said the fee it receives for the contract will not be material in the current financial year but, subject to funding, the benefits will be felt in subsequent financial years.
No financial details were disclosed.
"I am delighted that our South African team have been able to secure the appointment of professional services for such a strategic and high profile project," said Chief Executive Dave Webster.
Driver shares were down 3.0% at 70.10 pence late Thursday afternoon.
By Hannah Boland; [email protected]; @Hannaheboland
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