EnerDynamic Hybrid Technologies announces that its joint venture company Maple Leaf Energy, has signed a MOU to install EHT’s proprietary hybrid energy systems and supply power to 125,000 private residences in the Republic ofSenegal in West Africa.
The MOU is with the National Agency for Renewable Energy (ANER) which is operated by the National Government of the Republic of Senegal.
According to the MOU terms, the systems will be provided for the next 5 years. The residence chosen by ANER will be designed to function entirely off-grid.
Additionally, EHT’s Smart Box Technology will be integrated into each residence which will produce electricity needed for residence and distribute surplus energy into the power grid.
Each selected residence will receive a system of between 1 KW-5 KW of energy with the average requirement estimated at 2.5 Kilowatts.
EHT will begin to supply its systems for installation commencing in early 2015. EHT expects that Government of Senegal through its various Ministries will acquire the systems from EHT and it will be pay for the systems on agreed commercial terms.
Now EHT’s team has reached Senegal for the installation of 20 systems as part of the training, under supervision of Company’s Italian offices with the support of SOPAM, EHT’s joint venture partner.
These training units will show various configurations offered to meet individual physical structures of the selected houses. These 20 systems will be paid under commercial terms, representing EHT’s first direct revenues from Senegal.
These projects represent the establishment of EHT through MLE, as an energy solutions provider in the African economy. Company has developed a scalable business plan and strategy that will allow to execute on this opportunity without the need for significant equity capital, stated, Paul Ghezzi, president, EHT.
Through the use of commercial terms, milestone payments and balance sheet focused financing we will manage the capital requirements required for these projects in the best manner to maximize shareholder value, added Ghezzi.
Government of the Republic of Senegal has been actively seeking to improve the quality of life in Senegal, including the enhancement of its electrical capacity, which will aid in attracting new business and employment opportunities for the people of Senegal, noted, John Gamble, CEO, EHT.
This opportunity is the result of working closely with Sopam, the African partner, to leverage its strengths which will meet the needs of the Government of Senegal, added Gamble.
At present, the Government of Senegal subsidizes energy costs, which will be reduced by $400 million US per annum providing a substantial source of funding for the project.
Once completed, the project will reduce present electrical grid demand by 250MW per annum, reducing the costs associated with expanding capacity providing an additional source of internal funding in support of the project.
The anticipated grid stability resulting from this decreased demand should impact consumers and businesses alike across Senegal.
Sabeena Wahid
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