Leading power solutions provider Dominovas Energy Corporation (OTC: DNRG) announced in a Wednesday morning news release that it has received an invitation from the Angolan Ministry of Energy and Water (MINEA) to secure the exclusive right to an 18MW hydroelectric project. In total, the hydro project will represent an estimated investment of $90 million into Angola’s energy sector, with annual production capacity exceeding 150 million kilowatt hours (kWh).
“Dominovas Energy’s leadership remains committed to powering Africa,” Vassilis Koutras, Dominovas Energy’s Managing Director, Africa, stated in the news release. “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.”
For the Republic of Angola, the hydro project is expected to mark a significant step toward the delivery of continuous, reliable and efficient electricity to its citizens. Currently, the African nation’s electricity rates often exceed $0.20/kWh due to overburdened infrastructure. For comparison, the average price of electricity in the United States is about $0.12/kWh, according to data from the U.S. Energy Information Administration.
“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,” added Neal Allen, chairman and CEO of Dominovas Energy. “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.”
Looking forward, the next steps toward the installation of Dominovas Energy’s proprietary ORCAS™ (Ocean River Current Access Solutions) power generation platform will include the completion of appropriate banking feasibility studies, as well as the negotiation of all off-take agreement terms and conditions, which will be supported by government guarantees covering the company’s investment in the proposed power plant and related infrastructure. Dominovas Energy intends to fund the project under a $1.2 billion financing agreement with Graecrest Energy Solutions and its partners, which the company originally announced on October 27, 2015.
Wednesday’s update marks a significant milestone for Dominovas Energy following the launch of its hydroelectric-focused Currentergy division last May. At the heart of this division is the company’s ORCAS™ system, which it notes is “platformed upon the most advanced and effective hydropower technologies available today.” Notably, the ORCAS™ system is designed to enable both on-grid and off-grid clean energy flexibility for the generation of sustainable electricity from river-based power generating systems.
For more information, visit www.DominovasEnergy.com
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