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Our investment activity in Energy Production is currently focused on a portfolio of three combined cycle turbo gas Power Plants in Nigeria, Ghana, and Croatia, respectively, generating a total nominal output of approximately 0,95 GWh.

Magboro, Ogun State, Nigeria
The Magboro power project is a combined cycle turbo gas plant producing a nominal output of 80MWh. The project sponsor is a privately owned Nigerian Company. Blackwood is acting as EPC manager and Financial Advisor of the project. We have selected one of the major Italian contractor, Sofinter Group, as turnkey EPC contractor. A risk efficient financial structure has been structured to leverage the investment at 100%. We are currently selecting the O&M contractor on a bid basis. The total investment value is USD 115 million. The plant will start operations in 2010.

Tema, Republic of Ghana
The Blackwood Group is developing an Independent Power Project for the construction and operation of a 420MW Combined Cycle Turbo Gas Power Plant with a dual fuel operational option. The Kpone Independent Power Project will be located in the Tema Municipal Assembly, in the Republic of Ghana. The Group holds an interest of 20% shares in the investing Company while the majority of share capital is owned by a primary international private equity investment fund. We are currently selecting the EPC contractor through an invitational bid and we are structuring a Project Financing with a primary international Bank in the UK. The value of the investment is USD 450 million. The plant will start operations in 2011.

Obrovac, Republic of Croatia The Blackwood Group has recently entered in a joint venture agreement for the development of a Thermal power plant in Obrovac, Croatia. The plant will generate 416 MWh and will operate as an independent limited liability company. Blackwood is now identifying the technical partner that will provide the EPC service on a turnkey basis. The investment will be financed by mean of a project financing structure that The Blackwood Group is currently bidding among a short list of three primary international banks. Risk management of the project will be provided by Blackwood for both operational and financial risk areas. The value of the investment is USD 430 million. The plant will start operations in 2011.

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