Mayur Power signs JV with UNITECH for Renewables Institute

COMPANY ANNOUNCEMENT 

Mayur Power signs JV with UNITECH for Renewables Institute

1 May 2016

Mayur Power has signed a joint venture agreement with UNITECH for the establishment of a Sustainable Energy Research Institute (SERI) that will be linked to Mayur’s Enviro Energy Park that is under development at the Lae Tidal Basin.

The JV was formally executed at a signing ceremony at UNITECH campus in Lae. The ceremony was attended by Dr Ora Renagi (Deputy Vice Chancellor), Mr Darren Lockyer (Mayur Head of Business Affairs) and Mr Paul Mulder. The ceremony was also attended by hundreds of students from UNITECH.

The Sustainable Energy Research Institute (SERI) will seek to conduct tangible research and deliverables that will promote the development and use of sustainable power generation co-existing with traditional fuel that will help to start the transitionary journey of moving from a heavy reliance on diesel / liquid fuel fired power generation to a broader energy mix with benefits to be realised in terms of:Reduced cost of power generation (to PNG Power and customers (industry and domestic end users).

– Better consideration and protection of the environment.

– Increased power reliability.

– Constructive dialogue on ways to promote a sustainable energy agenda

The above will also aid in facilitating the progressive and sustainable industrialization of PNG by integrating initiatives such as carbon capture storage etc.

The Project will be to conduct research that will primarily benefit PNG’s people and businesses and then exportable technology that can develop PNG’s reputation as a leader in sustainable multi fuel power generation.