Dominovas Energy, a leading power solutions provider to
emerging markets around the world, issued a press release today announcing a
landmark capital commitment for $1.2 billion US Dollars in project financing
(the “Financing”) with Graecrest Energy Solutions. The funds will be used for
the initial phase to manufacture, produce, and deploy Dominovas Energy’s
proprietary RUBICON™ SOFC systems, pursuant to signed and executed guaranteed
Power Purchase Agreements (PPAs).
“This is an unprecedented and historic commitment not only
for Dominovas Energy, but it is additionally significant for the fuel cell
industry as a whole. This financing commitment is further validation of the
Company’s business model and an undeniable endorsement of the technical prowess
of the RUBICON™ and the ‘game plan’ we have set forth for the commercial
deployment of our fuel cell system,” stated Neal Allen, Chairman and CEO. “With
$1.2 billion secured for the phase 1 manufacturing and installation of the
RUBICON™, we have put in place the building block that supports our innovation
in engineering this next generation technology for the commercial production of
clean and sustainable baseload power via the proprietary RUBICON™.”
“With this Financing secured, Dominovas Energy actively
demonstrates that the funding of power infrastructure projects in global and
emerging markets is not only possible, but feasible. One hundred percent of
phase 1 project costs for deployment of RUBICON™ systems are covered in this
first tranche of financing. Dominovas Energy remains on schedule and on budget
for 2016,” Allen added.
Since announcing the first 3MW PPA for the City of David in
the Democratic Republic of the Congo earlier this year, Dominovas Energy has
been unwavering in its mission to secure project finance capital to support the
deployment of over 200MWs of signed and guaranteed PPAs. Dominovas Energy
believes that securing project financing marks the catalyst for the
materialization of its value proposition in emerging energy markets.
Dominovas Energy Vice President of Investments and Finance
Eric Fresh stated, “The Financing is a commitment from a ‘Sole Source Provider’
that is subject to the satisfactory completion of customary due diligence and
underwriting/funding requirements, which will adequately facilitate Dominovas
Energy’s complete project funding via this initial facility. Under the terms of
the commitment, Dominovas Energy will have the ability to seamlessly reassess
its needs in order to potentially expand capital commitments, a necessity in
accommodating subsequent financing phases of RUBICON™ system deployments.”
The financing structure has extended tenors of 20 to 30
years, providing Dominovas Energy with a unique opportunity to implement
long-term, cost-effective project finance capital. Because there is immediate
availability of financing upon financial close for each project, Dominovas
Energy will be able to effectively and efficiently deliver on schedule its
mandate of creating commercially-viable, clean, and sustainable energy
solutions to global emerging markets — all while creating value to its
Off-takers.
For more information, visit www.dominovasenergy.com
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