Milestone Achievement Reflects Dominovas’ Steadfast Efforts to Advanced Clean Energy Solutions
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.
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.