Dominovas Energy Secures Landmark Commitment for $1.2 Billion US Dollars for Manufacturing and Deployment of Its RUBICON(TM) SOFC Systems
ATLANTA, GA--(Marketwired - Oct 27, 2015) - Dominovas Energy Corporation (OTCQB: DNRG) announces a landmark capital commitment for $1.2 billion US Dollars in project financing (the "Financing") with Graecrest Energy Solutions. Financing will fund the initial phase to manufacture, produce, and deploy Dominovas Energy's proprietary RUBICON(TM) SOFC systems, pursuant to signed and executed guaranteed Power Purchase Agreements (PPAs).
"This is an unprecedented and historic commitment not only for Dominovas Energy, but it is additionally significant for the fuel cell industry as a whole. This financing commitment is further validation of the Company's business model and an undeniable endorsement of the technical prowess of the RUBICON(TM) and the 'game plan' we have set forth for the commercial deployment of our fuel cell system," said Neal Allen, Chairman and CEO. "With $1.2 billion secured for the phase 1 manufacturing and installation of the RUBICON(TM), we have put in place the building block that supports our innovation in engineering this next generation technology for the commercial production of clean and sustainable baseload power via the proprietary RUBICON(TM)."
"With this Financing secured, Dominovas Energy actively demonstrates that the funding of power infrastructure projects in global and emerging markets is not only possible, but feasible. One hundred percent of phase 1 project costs for deployment of RUBICON(TM) systems are covered in this first tranche of financing. Dominovas Energy remains on schedule and on budget for 2016," Allen continued.
From the announcement of the first 3MW PPA for the City of David in the Democratic Republic of the Congo earlier this year, Dominovas Energy has been steadfast in its quest to secure project finance capital to support the deployment of over 200MWs of signed and guaranteed PPAs. This securing of project financing marks the catalyst for the materialization of Dominovas Energy's value proposition in emerging energy markets.
Dominovas Energy Vice President of Investments and Finance Eric Fresh commented that, "The Financing is a commitment from a 'Sole Source Provider' that is subject to the satisfactory completion of customary due diligence and underwriting/funding requirements, which will adequately facilitate Dominovas Energy's complete project funding via this initial facility. Under the terms of the commitment, Dominovas Energy will have the ability to seamlessly reassess its needs in order to potentially expand capital commitments, a necessity in accommodating subsequent financing phases of RUBICON(TM) system deployments."
With extended tenors of 20 to 30 years, the Financing structure presents Dominovas Energy with a unique opportunity to implement long-term, cost-effective project finance capital. The immediate availability of Financing upon financial close for each project allows Dominovas Energy to effectively and efficiently deliver on schedule its mandate of creating commercially-viable, clean, and sustainable energy solutions to global emerging markets -- all while creating value to its Off-takers.
About Graecrest Energy Solutions
Graecrest Energy Solutions LLC develops, finances, installs, owns, services, and maintains energy-related systems to provide cost-effective, efficient energy sources for large institutional consumers of power in the government, corporate, healthcare, industrial, and education sectors. The company seeks to exploit an emerging niche by intermediating between consumers and providers of equipment and systems, allowing consumers to realize immediate energy savings while eliminating lengthy payback periods and conserving capital for more productive uses. By means of innovative contract structures and funding strategies, Graecrest enables the rapid deployment of large energy-efficiency projects on a whole portfolio basis. With offices in New York, Chicago, Dallas, and the Pacific Northwest, the Graecrest team has successfully managed structured financing transactions and projects totaling more than U.S.$9 billion. For more information, visit www.graecrestllc.com
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