In an unanticipated and unfortunate development, Eskom withdrew the grid allocation granted to Project Beta in 2022 due to capacity limitations on the national grid.
Initially, Eskom had approved the cost estimate letter (CEL), providing the green light for the development. Because of the REIPPPP 5
changes, A large EPC company backed out of building the new substation Artemis, thus possibly leaving beta stranded without grid connection.
After an 18-month delay and significant collaboration with Eskom and our technical team, this issue has finally been resolved. The project is set to proceed, and is back on track, expected to be shovel-ready within the next few months.
Unfortunately, these delays did incur additional, unnecessary costs. However, the financial model of Project Beta is able to accommodate such unexpected expenses. Despite these challenges, the project maintains its highly lucrative financial structure, ensuring a robust revenue stream to support the MGT token for many years to come.
The MGT team is greatly relieved that this problem has been addressed. Furthermore, we anticipate making crucial commercial announcements regarding the MGT/VAVIRI product, joint venture.
Despite unforeseen obstacles, MGT continues to represent a groundbreaking, innovative, and game changing concept within the cryptocurrency industry. Its commercial revenue will support the cryptocurrency, thereby ensuring sustainable growth moving forward.
The team extend our sincere gratitude to the token holders for their patience and understanding during this challenging period. Ultimately, all stakeholders will benefit from the resulting adjustments and improvements to the project.
The article is coming from: Durban, KZN South Africa
Website: https://www.megatechmgt.co.za
