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MAXIM or the
Corporation ) (TSX: MXG) announced today that it is proceeding with the Corporation s project to expand M2 into a combined cycle gas turbine (
“CCGT”) facility through the installation of heat recovery technology. The CCGT expansion project is anticipated to increase total generation capacity from 204 MW to approximately 300 MW and improve operational efficiency resulting in lower operating and maintenance costs per MWh. The current estimated cost of the CCGT expansion project is $125 million before financing costs. MAXIM anticipates the expansion will commence commercial operations during December 2022.
The CCGT expansion project is being financed with debt, existing cash, and cash flow from operations during the construction period. As of this date, MAXIM forecasts it will have sufficient liquidity to complete the CCGT expansion project.