Dominovas Energy Accepts Invitation to Finance, Build, and Operate an 18MW Hydroelectric Power Project in Angola
April 13 2017 - 8:30AM
InvestorsHub NewsWire
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.
About Dominovas Energy Corporation (OTCQB:
DNRG)
Founded in 2005, Dominovas Energy Corporation (DEC) is a publicly
traded company, based in Nevada. With its operating headquarters in
Atlanta, Georgia, USA, Dominovas Energy Corporation is a leading
power solutions provider to emerging markets around the world. DEC
seeks to deploy its proprietary RUBICON™ Solid Oxide Fuel Cell
(SOFC) technology, the ORCAS™ hydro systems and sourced clean coal
technology for deployment in multi-megawatt power generation units
worldwide. The worldwide need of clean and efficient production and
distribution of is well documented. Dominovas Energy recognizes
that worldwide, the markets offer immense potential for commercial
development of energy resources. Dominovas Energy is aggressively
moving to allocate its intellectual and financial capital
forthwith, in order to strategically address this opportunity. By
engaging throughout the world, Dominovas Energy is committed to
creating shareholder value by not only generating guaranteed
revenue streams, but also by increasing the value of "human and
community capital." Devoted to core values by operating under the
utmost of honesty and integrity in all its business transactions,
Dominovas Energy is additionally dedicated to respecting the rights
of all individuals, while acknowledging and respecting all cultures
necessary to support the growth and development of the communities
and countries in which it operates. The Company strongly believes
that the impact of advanced "energy" technology can and will
positively change the world, and Dominovas Energy is resolute in
its mission to provide electricity where and when economically
viable.
For more information, visit www.dominovasenergy.com.
Forward-Looking Statements This press release,
as well as other statements made by Dominovas Energy Corporation
(the "Company"), contain forward-looking statements that reflect,
when made, the Company's current views with respect to current
events and financial performance. Such forward-looking statements
are subject to many risks, uncertainties and factors relating to
the Company's operations and business environment, which may cause
the actual results of the Company to be materially different from
any future results. All statements that address future operating,
financial or business performance or the Company's strategies or
expectations are forward-looking statements. Factors that could
cause actual results to differ materially from these
forward-looking statements as is applicable would be discussed
under captions as follows: "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's filings as would be filed with the
Securities and Exchange Commission as required. New risks and
uncertainties arise from time to time, and it is impossible for us
to predict these events or how they may affect the Company. It
should be remembered that the price of the ordinary shares and any
income from them can go down as well as up. The Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
and/or otherwise, except as may be required by law.
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