African Energy Resources Ltd and ACWA Power International formed a bid consortium in October 2013 and submitted an Expression of Interest for a 300MW coal‐fired Greenfield Power Project tender in Botswana.

The Ministry for Minerals Energy and Water Resources (MMEWR) is currently finalising the appointment of its Legal Advisors and Transaction Advisors for this 300MW Greenfield Power Project.

MMEWR has communicated  an  indicative  timeframe  for the  invitation  of  bids  from shortlisted parties for the 300MW Greenfield Power Project tender in late March. The African  Energy/ACWA Power consortium has been shortlisted to  receive the bid invitation from MMEWR.

Assuming this indicative timeframe, and a successful bid outcome, consortium would be in a position to seek financial close on the project by year end. Further information on the bid process and timeframe will be announced when available.

For any further information, please contact the Company directly on +61 8 6465 5500.