Aviva seeks advice from Citigroup

South Perth-based energy company Aviva Corporation Ltd has appointed Citigroup Global Markets Australia Pty Ltd to advise on ongoing development of, and acquisitions for, its integrated energy projects, the company has announced.

The full text of a company announcement is pasted below

The Board of integrated energy company, Aviva Corporation (ASX:AVA) is pleased to announce the appointment of Citigroup Global Markets Australia Pty Limited ("Citi") to advise on:  

• The ongoing development, structuring and financing of the company's integrated energy projects; and
• Acquisition opportunities for Aviva's integrated energy portfolio.

Aviva is advancing the 2x200MW Coolimba Power project in Western Australia and is targeting financial close in the last quarter of 2008. Coolimba will employ leading edge emissions technology for water, sulphur and carbon dioxide.

This month, Aviva will complete a drilling program at its Mmamantswe project in Botswana and a resource estimate for the deposit by the end of the year. The drill results have been encouraging and scoping work for an integrated energy project in Botswana will commence immediately.  

As part of the financing strategy, Citi will assist Aviva and its other advisers in the development of an optimal corporate structure that will:  

• facilitate the raising of effective debt and equity finance packages for Aviva's integrated energy projects; and
• provide flexibility for Aviva to pursue other development and operational opportunities.

Aviva recently announced a placement to raise $A21 million of new equity from investors and is strongly positioned to advance its portfolio of integrated energy assets. Approval of the placement will be sought from shareholders at the AGM on Friday 16th November. These funds are to be utilized to progress pre-development activities in Western Australian and Botswana, and provide additional working capital for new project generation.