Dominovas Energy Corp., through its hydroelectric division, Currentergy, announced today it will finance, build, own and operate an 18-MW hydropower project in northwestern Angola and eventually transfer ownership to Angola.
Terms of the transfer agreement were not released, but Dominovas Energy said it received exclusive rights from the Angolan Ministry of Energy and Water to develop the project, which according to Dominovas, represents a US$90 million investment in Angola’s energy sector.
Founded in 2005, Dominovas Energy Corp. is a publicly traded company in the U.S. According to the U.S. Securities and Exchange Commission, Dominovas’ state of incorporation is Nevada and its operating headquarters is in Atlanta, Ga.
The company did not release the date Angola expects to commission the facility, but said its next steps include the completion of feasibility studies and the negotiation of all off-take agreement terms and conditions.
The company reports project funding is by Dominovas’ financing partner, Graecrest Energy Solutions and its partners, under a $1.2 billion financing agreement announced in October 2015.
“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. 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,” said Vassilis Koutras, Dominovas Energy’s managing director, Africa.
In 2015, HydroWorld.com reported the World Bank committed $512 million to Angola to finance the 700-MW Cambambe 2 project located on the Kwanza River.
Dominovas said one of its partners in developing its hydropower interests is Andritz. In 2014, Andritz Global technology group was awarded a contract to supply electromechanical equipment for Angola’s 2,070-MW Lauca hydropower plant.