Ernst & Young engaged as Batoka Hydro advisors

The Zambezi River Authority (ZRA) has engaged Ernst and Young as financial and legal transaction advisors for the development of the Batoka Gorge Hydro Electric Scheme.

ZRA chief executive officer Munyaradzi Munodawafa said through the financial and legal transaction advisory services contract, the consultant was expected to analyse the different transaction structures.

Mr Munodawafa said this in a statement issued yesterday by ZRA public relations and communications manager Elizabeth Karonga. He said this included options such as Public Private Partnerships, Build, Operate and Transfer (BOT), engineering procurement and construction.

This was with the view of recommending the most optimum and bankable structure considering the prevailing market conditions. He said priorities of stakeholders involved and the technical parameters and development schedule resulting from the updated feasibility study were also crucial aspects.

The advisory services team comprises international experts in finance and legal services while participants were drawn from the Batoka Gorge Hydro Electric Scheme Project Steering Committee and the Project Management Unit appointed by the Governments of Zambia and Zimbabwe.

Mr Munodawafa commended the World Bank for financing the preparatory studies of the Batoka Gorge Hydro Electric Scheme through a grant under the Co-operation in International Waters in Africa (CIWA). 

The preparatory studies consisted the updating of the engineering feasibility studies, updating of Environmental and Social Impact Assessment Studies as well as the financial and legal transaction advisory services. Project steering committee co-chairperson Benson Munyaradzi, assured stakeholders and consultants that the Zambian and Zimbabwean governments were committed to making timely decisions necessary for the services to be completed as planned. He urged the consultants, Studio Pietrangeli, Environmental Resource Management (ERM) and Ernst and Young to work closely as their processes and outputs were interrelated.

He said the results were critical to effective and timely execution of the Batoka Hydro Electric Scheme.

Source: ZRA ENGAGES ERNST AND YOUNG AS LEGAL ADIVISORS (03/07/15)

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