Got coal?

[NewsWhore]

Once again a much-ballyhooed project is lagging far behind its programmed start-up date. According to Diario Libre neither of the coal-fired generating plants, destined for Azua and Monte Cristi have begun construction since the promoters have yet to secure financing. Neither Emirates Power nor Sichuan Machinery have deposited the required US$20 million bond needed to secure the contracts. According to "sources", potential creditors are asking for governmental guarantees of purchase for the energy produced by the generators. Sichuan Machinery has postponed the start-up of construction until further notice, and Emirates has said that they will start in October. El Caribe reports that Sichuan Machinery is requesting that the Dominican Congress sign an agreement giving sovereign guarantees to the deal.

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