The Dominovas Energy Corporation (OTCQB: DNRG) is a company
in a hurry. It has already signed Power Provider Agreements (PPAs), totalling
200MW, to supply electricity through its innovative fuel cell technology to the
Democratic Republic of Congo; and it will raise US$ billions more over the next
five years to supply a lot more. Dominovas Energy’s steam is fueled by the
magnitude of opportunity in the Obama administration’s Power Africa Initiative.
Power Africa was launched in 2013 to increase access to electricity in
sub-Saharan Africa, where more than 600 million people currently lack access,
by adding 30,000 megawatts (MW) of new, cleaner electricity generation
capacity. By July 2015, the Power Africa partnership of private and public sector
entities brought projects with the capacity to generate over 4,100 MW of new,
cleaner power to financial close.
Power Africa has attracted huge financial resources. Backed
by an initial investment of US$7 billion from the U.S. government, its over 100
private sector partners have committed more than US$20 billion toward specific
projects. The Overseas Private Investment Corporation (OPIC), the U.S.
Government’s Development Finance Institution, has been the vanguard in
mobilizing funds for Power Africa. It announced, in November 2015, that it had
exceeded its 3-year target of US$1.5 billion. OPIC had, by that time, approved
US$1.6 billion in finance and insurance committals, which will support the
installation of about 1,500 megawatts of new power capacity. OPIC expects to
add another US$1 billion in financing and insurance support for Power Africa in
the near future.
Other U.S. government agencies have joined the charge. The
United States Agency for International Development (USAID), through its Development
Credit Authority, has mobilized US$171 million in private finance in support of
power projects, with a pipeline of over US$300 million in upcoming projects.
And the Millennium Challenge Corporation (MCC) expects to commit nearly US$2
billion by the end of 2015, nearly doubling its original US$1 billion pledge.
MCC is implementing power compacts in Ghana and Malawi, and it’s developing
energy sector programs in Benin, Liberia, Sierra Leone, and Tanzania. The
Millennium Challenge Corporation (MCC), created by the U.S. Congress in January
2004, is an independent U.S. foreign aid agency that is helping to lead the
fight against global poverty.
Adding to these forces is the Government of Sweden’s
commitment of US$1 billion, the World Bank Group’s promise of US$5 billion, and
the African Development Bank’s pledge of US$3 billion. In a power partnership
that includes Goldman Sachs (NYSE: GS), Barclays Africa (JSE: BGA), and
Citigroup (NYSE: C), the British bank Standard Chartered (LON: STAN) has
emerged as Power Africa’s largest private sector contributor. After reaching
its initial commitment of US$ 2 billion in 12 months, the bank increased its
pledge to US$ 5 billion.
The Dominovas Energy Corporation is an energy solutions
company dedicated to delivering clean, efficient and reliable electricity on a
multi-megawatt scale. The company has developed a cutting-edge solid oxide fuel
cell (SOFC) which it has named RUBICON™. A fuel cell generates electricity by
oxidizing fuels in a chemical reaction rather than by combustion. Its
byproducts are heat and water. Dominovas Energy has already entered into two
multi-year 3MW Power Provider Agreements (PPAs) to provide electricity in the
Democratic Republic of the Congo (DRC). The first will provide power to the City
of David, a public-private partnership (PPP), between the government of the
Democratic Republic of Congo and a private enterprise, which will comprise
3,000 homes, a hospital, health clinics, schools, malls, parks, food markets,
sports centers, police stations, and waste treatment facilities across 8,000
hectares. The second PPA is for the provision of electricity to the Somico Mine
which has one of the largest certified concentrations of diamonds, gold and
iron ore in Africa. Together, these two PPAs are expected to generate more than
US$107 million over their multi-year terms. With so many opportunities ahead,
Dominovas Energy promises to be a powerhouse of a company.
For more information, visit www.dominovasenergy.com
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