SCOTTSDALE, AZ(Eteligis Inc.)
SCOTTSDALE, AZ, United States, via ETELIGIS INC., 09/08/2014 - -
Sunergy, Inc. ("Sunergy" or "the Company") (OTC Pink: SNEY)
(PINKSHEETS: SNEY) announced today that management plans a follow
up visit to Nigeria to continue with its Affordable Housing and
Utility Scale Solar Power Projects. On Tuesday, September 2, 2014
The Company's affordable building partner responded to an official
invitation from Nigeria's Minister of Housing with an opening bid
to win a contract for all, or a portion of 10,000 affordable homes
under a pilot project funded primarily by The World Bank to the
tune of $250,000,000.
The president of our building partner commented on our bid and
the following link as follows: "I just want to show you the article
about the bid we just put into the Nigerian government for green
homes. The request for green is what I have been working on with
the government officials for the last 5 years and the bid looked
like it came right out of one of my brochures. With this start and
the great connections at the top levels provided by Sunergy, I
think we will be there for a long time with a need of 17 million
homes." The link to further information on the Nigerian 10,000 home
pilot project is as follows: (for full
detailed link see
http://www.voiceofnigeria.org/nigeria2/item/2346-nigeria-begins-first-phase-of-affordable-
). Excerpts from this link follow below.
"The Nigerian Government on Thursday officially began the first
phase of its affordable housing scheme of 10,000 units of houses."
The project which is funded by the newly established Nigeria
Mortgage Refinance Company (NMRC), will enable Nigerians to buy
houses at affordable rate. It would be implemented in the 14 pilot
states listed by the company -- Abia, Anambra, Bauchi, Bayelsa,
Delta, Edo, Enugu, Ekiti, Gombe, Kaduna, Kano, Kwara, Ogun, Ondo
and FCT.
The Minister of Finance, Dr Ngozi Okonjo-Iweala, while speaking
at the event in Abuja, said with the flag-off, low income earners
would begin to have the opportunity to own their houses under a
flexible long term mortgage plan. Based on the scheme, a unit of
two bedroom apartment might be sold for between N4.5m and N7.5m
depending on the location and cost of land, while that of a three
bedroom would be sold from N8m. To be eligible, applicants must
show proof of a regular income, tax compliance, specified combined
household income and others.
"Applicants who meet the eligibility requirements would
be handed over to the Primary Mortgage Institutions (PMI) for final
processing, the PMI will originate the mortgages to be backed or
refinanced by the Nigerian Mortgage Refinance
Company."
The minister said with the Mortgage Refinance Company, Nigerians
would now be able to afford a home under a long term mortgage plan.
She said the processing time for application for the mass housing
project had been reduced from between six and 18 months to just six
weeks.
"We want Nigerians to own their houses at affordable
cost. The NMRC mission is to provide long term funding for the
housing sector. Since the ability of banks in
providing mortgages is limited by the fact that 80 per cent of
deposits does not ensure great level of sustainability in providing
resources for the housing sector, the NMRC is here to provide a
conducive financing mechanism that can allow people pay mortgage
for up to 10 to 15 years. So instead of people not being able to
own houses as they would have to pay up in 12 or 18 months, we are
changing that now so that for 10 to 15 years, people can be able to
pay for their own houses."
Reduce risks
The NMRC was established to provide mortgage lending
institutions with access to long-term finance at affordable
interest rate, thereby, enabling mortgages to be issued by the
institutions to Nigerians at longer tenures and affordable rates.
It has a take-off grant of N50 billion. N40 billion ($250 million)
loan from the World Bank, has been given under a 40-year tenure
with a moratorium of 10 years and would attract zero percent
interest. However, a commitment fee of 0.7 per cent will be paid on
the facility. In addition to the take-off grant from the World
Bank, other investors that are raising the initial equity of
another N10 billion include the Ministry of Finance Incorporated,
Nigeria Sovereign Investment Authority (NSIA), commercial banks,
mortgage finance institutions and the International Finance
Corporation, among others.
The N40 billion and N10 billion put together by the World Bank
and other investors would be supported by Tier 2 capital raised by
NMRC through the issuance of a N50 billion bond in the capital
market by July this year to increase its total capital base to N100
billion and enhance the ability of the institution to buy and
secure the mortgages created by primary mortgage institutions.
Already, the Nigeria Sovereign Investment Authority (NSIA) has
approved an equity commitment of N1.6 billion through its Nigeria
Infrastructure Fund (NIF) in the company. This is however subject
to applicable regulatory clearance by the SEC.
Reduce Housing Deficit
Also speaking at the event, the Minister of Lands, Housing and
Urban Development, Mrs. Akon Eyakenyi said the roll out was a
significant step in the Federal Government's bid to reduce housing
deficit which is currently placed at 17 million. She said the
ministry was implementing other complementary projects to help
provide affordable houses for Nigerians. The Minister said the land
title system in the country was being reviewed to meet the needs
and expectations of Nigerians. She explained that various
committees have been set up to fast track the implementation of the
10,000 pilot scheme of the NMRC, update a land data base and
conduct a housing census in order to keep track of government's
effort to reduce the nation's housing deficit.
In addition to this tender, as previously announced in a press
release on September 2, 2014, the Company has a Joint Venture with
a substantial Independent Power Provider (IPP) in the US, that is
well connected to the Obama Power Africa $7 Billion initiative to
provide utility scale solar power to Liberia. On Wednesday, last
week, an understanding was reached with this same IPP to undertake,
as co-developer, another utility scale solar project in Nigeria. We
have officially been invited to submit proposals for 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 projects will be financed, owned and operated for 25 years by
a consortium of financial partners, including our company, our
solar power partner, the Obama Power Africa Fund and others and
will cause zero dilution to Sunergy shareholders.
Garrett Hale, Sunergy President and CEO said: "We are pleased
that our efforts in the affordable housing and solar power
businesses 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 arranged without
requiring any dilution of our shareholders. Our negotiators have
worked hard to position our company to be in the position 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
60,000 additional homes in 4 other African countries where we will
be compensated, and our solar power partner has additional targets
where we would carry our partnership to the tune of at least 1
gigawatt, or in monetary terms, in excess of $1Billion of cost with
the attendant long term power purchase agreements as the acceptable
form of payback. Management plans this visit from about September
15th through the 30th."
More information on our various projects and financial condition
will be forthcoming.
About Sunergy:
Sunergy Inc. (OTC Pink: SNEY) (PINKSHEETS: SNEY), a Nevada
corporation, is a junior mining company headquartered in
Scottsdale, Arizona. The Company has made a transition from an
exploration only company to a company currently focused on
production and cash flow. We now have four dredges operating, 2 in
Sierra Leone and 2 in Liberia We have also acquired a wash plant
and loader capable of handling between 50 to 350 tons per hour of
diamond and gold bearing gravels. In addition to our core mining
activities, the Company has used its considerable contacts earned
over the past 4 years to develop non-mining partnerships and agency
agreements with major international businesses representing Airport
Security, Affordable Housing projects and Solar energy projects in
the six West Africa Countries of Ghana, Sierra Leone, Liberia,
Nigeria, The Gambia and Senegal. For more information, please visit
www.sunergygold.com
Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as
that term is defined in Section 27A of the United States Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future,
including but not limited to, any mineralization, development or
exploration of the Nyinahin and Pampana Mining Concessions or cash
flow from Liberian mining operations.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration and difficulties associated with obtaining
financing on acceptable terms. We are not in control of metals
prices and these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our most recent annual report
for our last fiscal year, our quarterly reports, and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
Company Contacts:
Garrett Hale
President, CEO
(707) 255-5836
garrett@sunergygold.com
garrettsvp@gmail.com
SOURCE: Sunergy
Inc.
Associated Documentation:
http://www.eteligis.com/ViewSubmission.aspx?submissionRequest=27666
- Link to submission on http://www.eteligis.com