Such a consortium, dubbed the Western Power Corridor (Westcor) was finally organized in February 2003. Involving five of the region's major utility companies (Eskom, SNEL, Angola's Empresa Nacional de Electricidade, Namibia's NamPower, and the Botswana Power Corporation) it projected initial costs at $1.5 billion and the eventual construction of a 44,000 MW run-of-the-river project. A memorandum of understanding for Westcor was finally signed on 22 October 2004, for the construction of a 3,400 MW Inga III. The following February Eskom unveiled a new $50 billion run-of-the-river scheme. That September 2005 a shareholder agreement for Westcor was signed, giving each party 20%.