DALLAS, TX--(Marketwired - Apr 19, 2017) - Graecrest Energy Solutions LLC ("Graecrest") announced today that the Company will provide Dominovas Energy Corporation (OTCQB: DNRG) with financing for their recently announced 18MW hydroelectric project in Lunda Sol, Angola. This power plant will produce in excess of 150,000,000 kilowatt hours (kWh) of electricity per year. Total value of Graecrest and its partner's investment is currently estimated at US$90 million.
In October of 2015, Graecrest agreed to commit a total of $1.2 billion in financing for Dominovas Energy Corporation's energy projects in Africa. The anticipated financing support to Dominovas Energy will be concomitant with specific guarantees and terms to be negotiated by Dominovas Energy with the Republic of Angola and approved by Graecrest. Russ Howell, Graecrest's Principal for Finance and Development, stated, "Angola has long been a country that we have been interested in. We see a tremendous opportunity for growth within their renewable energy sector and this project is a great first step." He went on to say, "We applaud Dominovas Energy's focused and steadfast approach, wherein they are consistent with their desire to primarily engage country-sponsored, bankable and financially viable large scale power projects. The achievement of this significant milestone is a direct result of their determination to succeed, in Angola and across Africa."
Neal Allen, Dominovas Energy's chairman and CEO, added, "I appreciate Graecrest's understanding and support of our methodology and process. Collectively, we recognize the long-term financial benefits of large scale projects, although the acquiring of these projects can seem to be long in coming." He added, "We are looking forward to a timely financial close so that the development process can begin."
Currently the cost of energy in Angola is very high; it frequently can exceed US$.20/ per kWh. With 150M kWh energy generation yearly via the hydroelectric power plant, the cost of this generation of electricity will contribute to Angola's overall desire to normalize electricity costs via increased production from renewable sources.
About Graecrest Energy Solutions
Graecrest develops, finances, installs, owns, services, and maintains energy-related systems to provide cost-effective, efficient energy sources for large institutional consumers of power in the government, corporate, healthcare, industrial, and education sectors. The company seeks to exploit an emerging niche by intermediating between consumers and providers of equipment and systems, creating immediate energy savings for consumers while enabling its clients to eliminate lengthy payback periods and conserve capital for more productive uses. By means of innovative contract structures and funding strategies, Graecrest enables the rapid deployment of large energy-efficiency projects on a whole portfolio basis. With offices in New York, Chicago, Dallas, and the Pacific Northwest, the Graecrest team has successfully managed structured financing transactions and projects totaling more than U.S.$9 billion. For more information, visit http://www.graecrestllc.com/.
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.