The US-based clean energy company, Dominovas Energy Corporation has secured the rights to finance, build and operate the hydropower plant worth $90 million.
According to a company statement, the project will produce over 150,000,000/kWh of electricity per year.
In executing the project, the energy firm stated that it will be employing the “proprietary Ocean River Current Access Solutions installation, which will utilise 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,” the company said.
It is anticipated that the deployment will complement an existing hydropower plant; a project that reflects several years of collaboration between the energy company and government officials to explore much-needed clean, efficient, and reliable power solutions for the country.
The company’s managing director in Africa, Vassilis Koutras, commented: “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.”
Meanwhile, the company’s chairman and CEO, Neal Allen, said: “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.”
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, covering Dominovas’ investment in the power plant and attendant infrastructure.
The project will be funded by company’s financing partner, Graecrest Energy Solutions and its partners, under a $1.2 billion financing agreement.
Source: ESI Africa