Alaska Hydro signs LOI with KOWEPO for due diligence
2020-12-02 11:32 MT - News Release
Mr. Cliff Grandison reports
ALASKA HYDRO PROVIDES UPDATE
Alaska Hydro Corp. has provided an update on the company's activities. He reported the receipt of a Letter of Intent from Korea Western Power Co., Ltd. (KOWEPO), a wholly owned subsidiary of Korea Electric Power Corporation (KEPCO) to conduct due diligence on Alaska Hydro's More Creek hydroelectric Project. KEPCO is the principal supplier of electricity in Korea and is a publically listed company on both Korea stack exchange and the NYSE
The non-binding Letter of Intent expressed a desire to become a partner and outlined a requested list of information to conduct due diligence on which to make their decision. No specific terms of for investment or partnership are motioned
The Company is providing all available information.
Mr. Grandison also reported the signing of a Success Fee Agreement with Hahn Renewable Energy LLC. This agreement has stated Performance Goals for the sale and/or financing of the More Creek Project. Compensation is based on successful conclusion of financing or sale. Hahn Renewable Energy is a private company registered in California.
Both KOWEPO and Hahn Renewable Energy LLC are arms length companies to Alaska Hydro Power Corporation
The More Creek Project is a 75 MW hydroelectric storage dam and generator on More Creek in northwest British Columbia. The project is in the environmental review process required for an Environmental Assessment Certificate from both the federal and provincial environmental agencies.
The Company has completed a prefeasibility study and will prepare a feasibility study to coincide with the filing of the Environmental Application for an Environmental Assessment l Certificate. A Phase 1 Feasibility Study which provides a high level of confidence in the project metrics is being considered.
Funds for the Feasibility Study and Environmental Assessment are being pursued and the foregoing mentioned Success Agreement is a focused effort to raise funds.