"We can now state with confidence that we now have a solid foothold within solar and housing in Nigeria. Our joint ventures and established relationships will allow us to participate in multi-billion dollar housing and solar development projects moving forward over the next decade. Sunergy fully intends to be a substantial participant in the 17 million housing requirement in Nigeria as outlined in the current West African publications.
As previously announced in our press release dated September 2, 2014, the Company has a Joint Venture with a substantial Independent Power Provider (IPP) in the US, that is currently involved with the Obama Power Africa $7 Billion initiative, to provide utility scale solar power to Liberia. We have now also executed a Joint Venture with our partner to provide utility scale solar power projects to Nigeria. We have officially been invited to submit proposals for these utility scale solar power installation(s) in Nigeria by the Chairman of the president of Nigeria's task force on power.
Both Liberia and Nigeria are qualified nations in the Obama Power Africa Fund. These solar contracts with our solar power partner, the Obama Power Africa Fund and others will not be dilutive to Sunergy shareholders, rather will be accretive.
Garrett Hale, Sunergy President and CEO said: "We are pleased that we are continuing to receive positive official responses to our efforts in the affordable housing and solar power businesses. These efforts are now poised to produce substantial future revenues for our shareholders. The nature of both housing and utility scale solar power projects are long term projects which will require substantial financial support, which is being approached without requiring any dilution of our shareholders. Our negotiators have worked hard to position our company to profit from these transactions and have de-risked these substantial undertakings for our shareholders. This is just the beginning for us in these industries. Our building partner is working on over 75,000 additional homes in 5 other African countries where we will be compensated and additionally where our solar power partner has additional targets where we would then carry our partnership to the level of at least 1 gigawatt, or in monetary terms, in excess of $1Billion of cost with the resultant long term power purchase agreements as the acceptable form of payback. Representatives of Nigeria's Power projects will be in Washington, DC on October 21st and we and our solar partner have been invited for a planning session. Our solar power partner has an office in Washington, DC, which provides direct access to the Obama Power Africa Funds offices. Management plans its Nigeria visit, during the first week of November to follow up on both power and housing projects. The rapid development of our non-mining initiatives coupled with the readiness of our mining operations scheduled for 2014-2015 gives us great confidence for our future. We hope that our fellow shareholders can share this same optimism."
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