Dominovas Energy Corporation is to finance, build and operate an 18MW hydropower plant in northwestern Angola after securing exclusive rights for the project from the country’s government.

The project will represent an estimated US$90 million investment to Angola’s energy sector, the company said in a statement. Its deployment will complement an existing hydropower plant; a project that reflects several years of collaboration between Dominovas and government officials to explore much-needed clean, efficient, and reliable power solutions for Angola, added the company.

“Dominovas Energy’s leadership remains committed to powering Africa.  This project is yet another example of our commitment, and it is nice to have completed this phase in the negotiations with the government of Angola,” said Vassilis Koutras, Dominovas Energy’s Managing Director, Africa. “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,”

The project will be an ORCAS (Ocean River Current Access Solutions) installation which will utilize the most advanced, eco-friendly and effective hydro technologies available for sustainable power generation, said the company.  The system enables on- and off-grid clean energy flexibility for the generation of electricity from river-based power generating systems.

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 which will cover Dominovas’ investment in the power plant and attendant infrastructure.

“Angola and its leadership has long been at the table with Dominovas Energy in an effort to determine a precise solution that benefits both parties.  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, ‘Best-In-Class’ partners that will work with us to deliver this power plant,” added Dominovas chairman and CEO Neal Allen.

The project will be funded by Dominovas’ financing partner, Graecrest Energy Solutions and its partners, under a $1.2 billion financing agreement announced in October 2015.  Further, the project construct is set by the Angola-mandated “FBOOT” program, which refers to a “Finance, Build, Own, Operate, and Transfer” model.