CIC Energy Corp. was a publicly listed Tau Capital group company (TSX:ELC), which was known for securing and exploring the Mmamabula coalfield in Botswana, Africa.
CIC Energy was created in 2005 with the vision of building a mine-mouth coal-fired power station in Botswana. CIC Energy proved up 2.6BT of coal and:
- Negotiated and completed a lump sum, turnkey Engineering, Procurement and Construction contract for a 1,320 megawatt power plant, to the value of C$1.95-billion, with Shanghai Electric Corporation;
- Concluded an agreement to partner with the largest independent power producer in the United Kingdom, International Power Plc;
- Obtained second round credit committee approval for a C$4.8-billion project financing arrangement for the mine, power plant and infrastructure; and
- Extensively negotiated a Power Purchase Agreement with Eskom Holdings Limited (South Africa’s only power utility) and Botswana Power Corporation (Botswana’s national utility).
CIC Energy was sold to Jindal Steel & Power in 2012 for C$116-million.