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Dominovas Energy Accepts Invitation to Finance, Build, and Operate an 18MW Hydroelectric Power Project in Angola
Milestone Achievement Reflects Dominovas' Steadfast Efforts to Advanced Clean Energy Solutions
ATLANTA, GA -- InvestorsHub NewsWire -- Dominovas Energy Corporation (OTCQB: DNRG) (the "Company") today announces that it has received from the Angolan Ministry of Energy and Water (MINEA) an invitation to secure the exclusive right to an 18MW hydroelectric project. The project will be located in northwestern Angola, and will produce over 150,000,000 kilowatt hours (kWh) of electricity per year. This hydro project will represent an estimated US$90 million investment to Angola's energy sector. As current rates often can exceed US$.20/ per kWh in Angola, this project will begin to dilute the significantly overburdened energy cost.
Execution of the project will be directed by Vassilis Koutras, Dominovas Energy's Managing Director, Africa. The hydroelectric deployment will be facilitated using "Best In Class" EPC, suppliers and vendors that focus on hydroelectric power generation solutions with minimal impact to the environment and natural resources. The proprietary ORCAS™ (Ocean River Current Access Solutions) installation will utilize the most advanced, eco-friendly and effective hydro technologies available for sustainable power generation. The system enables on- and off-grid clean energy flexibility for the generation of electricity from river-based power generating systems.
It is anticipated that the deployment will complement an existing hydropower plant; a project that reflects several years of collaboration between Dominovas and government officials to explore much-needed clean, efficient, and reliable power solutions for Angola.
"Dominovas Energy's leadership remains committed to powering Africa. This project is yet another example of our commitment, and it is nice to have completed this phase in the negotiations with the government of Angola. The Dominovas team has been relentless in its efforts in Angola, to deliver this project. Long in the making, yes, but well worth the wait. I now look forward to the next set of steps in our process," says Koutras.
Next steps will include the completion of appropriate bankable feasibility studies, the negotiation of all off-take agreement terms and conditions, which will be supported by the requisite government guarantees which will cover Dominovas' investment in the power plant and attendant infrastructure.
"Angola and its leadership has long been at the table with Dominovas Energy in an effort to determine a precise solution that benefits both parties. I am honored our Company has been selected for this high-profile project, and I applaud the administration for its vision and unyielding determination to deliver continuous, reliable, and efficient electricity to its people. We do not take this selection lightly and look forward to moving to execution and implementation with each of the venerable, 'Best-In-Class' partners that will work with us to deliver this power plant," says Dominovas chairman and CEO Neal Allen.
The project will be funded by Dominovas' financing partner, Graecrest Energy Solutions and its partners, under a $1.2 billion financing agreement announced October 27, 2015. Further, the project construct is set by the Angola-mandated "FBOOT" program, which refers to a "Finance, Build, Own, Operate, and Transfer" model
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