Dominovas Energy to build 18-MW HPP in Angola

US power solutions provider Dominovas Energy Corporation (OTCMKTS:DNRG) said last week it has accepted an invitation to build, own and operate an 18-MW hydropower plant in northwestern Angola.

The Angolan Ministry of Energy and Water (MINEA) has invited the company to take the exclusive right to the project. Having concluded this phase in the discussions with the government of Angola, the company will now focus on completing bankable feasibility studies and on the negotiation of an off-take deal, it said.

Dominovas Energy's Managing Director in Africa, Vassilis Koutras, will be in charge of executing the project. The company will use its ORCAS (Ocean River Current Access Solutions) hydro systems as part of it.

The project, which will represent an estimated USD-90-million (EUR 84.3m) investment to Angola's energy sector, will be funded by Dominovas’ financing partner Graecrest Energy Solutions. This will be done under a USD-1.2-billion deal announced in late October 2015.

(USD 1.0 = EUR 0.936)

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