Sunergy Update: Sunergy Makes Major Advancements With Its Non-Mining Initiatives; Nigerian Affordable Home Pilot Project More Than Six Times Oversubscribed
ATLANTA, GA--(Marketwired - Sep 29, 2014) - Sunergy, Inc. ("Sunergy" or "the Company"
(OTC Pink: SNEY) (PINKSHEETS: SNEY) announced today that the Nigerian Federal Government's first phase of Affordable Home Ownership scheme, which was initially funded by the World Bank for $250,000,000, has now received over 100,000 qualified applications for their 10,000 pilot home offer. As of the initial deadline, there were 6 times the applicants.
'The Citizen', Nigeria's publication on Government matters reported as follows: "According to the Minister of Finance, Dr. Ngozi Okonjo-Iweala, at a press briefing to give an update on the implementation of the scheme, in Abuja, said since the commencement of the program on August 11, majority of Nigerians had expressed huge interest in the project, adding that the applications received were spread across the 36 states of the federation including the Federal Capital Territory with 63 per cent of applicants being male, while the balance of 37 per cent were female."
"When asked what the government would do now that the first phase of the housing scheme had been oversubscribed, she said, "Now, due to the over subscription of a decision has been taken to give all applicants to the lending members of NMRC to share on a pro-rata basis. As at Friday the 5th of September, 2014 (the initial closing date of the registration exercise), we had received 66,402 valid applications -- with more still calling. That is more than 6 times oversubscription to our initial 10,000 pilot. We are extremely pleased with this outcome."
Further information on this Pilot Project may be obtained in our Press Release, dated September 8, 2014. Discussion currently suggests that this project may be expanded to approximately 100,000 homes. Sunergy's building partner initially applied to build all 10,000 homes relative to its current invitation. Subsequent to the oversubscription, they have increased their bid to 20,000, and has now responded to Nigeria's invitation to participate in this 10,000 home initial Pilot Project, has been acknowledged as a contender, and has been further invited to register as a Developer for Nigeria, accepted by the government. This is just the start of Nigeria's effort to address the deficiency of more than 17,000,000 homes in the country. Further information will be made available on this fully funded $310,000,000 Pilot Project as available.
Our press release dated September 8, 2014 stated that that we intended on visiting Nigeria before the 30(th) of September for meetings with the appropriate authorities. Sunergy is pleased to announce that we were able to arrange these meetings in New York, saving us the time and expense of travel: Sunergy's building partner has been asked by the highest Nigerian officials to expedite the housing bids as well as further engage in an "American Village Style" custom housing and marina project on the waterfront in Lagos. This private project is in addition to the Government project. This project will involve more than 60,000 building units, including Mansions in this gated waterfront community.
After these high level meetings, we can now state with confidence that we now have a solid foothold within solar and housing in Nigeria. Our joint ventures and established relationships will allow us to participate in multi-billion dollar housing and solar development projects moving forward over the next decade. Sunergy fully intends to be a substantial participant in the 17 million housing requirement in Nigeria as outlined in the current West African publications.
As previously announced in our press release dated September 2, 2014, the Company has a Joint Venture with a substantial Independent Power Provider (IPP) in the US, that is currently involved with the Obama Power Africa $7 Billion initiative, to provide utility scale solar power to Liberia. We have now also executed a Joint Venture with our partner to provide utility scale solar power projects to Nigeria. We have officially been invited to submit proposals for these utility scale solar power installation(s) in Nigeria by the Chairman of the president of Nigeria's task force on power.
Both Liberia and Nigeria are qualified nations in the Obama Power Africa Fund. These solar contracts with our solar power partner, the Obama Power Africa Fund and others will not be dilutive to Sunergy shareholders, rather will be accretive.
Garrett Hale, Sunergy President and CEO said: "We are pleased that we are continuing to receive positive official responses to our efforts in the affordable housing and solar power businesses. These efforts are now poised to produce substantial future revenues for our shareholders. The nature of both housing and utility scale solar power projects are long term projects which will require substantial financial support, which is being approached without requiring any dilution of our shareholders. Our negotiators have worked hard to position our company to profit from these transactions and have de-risked these substantial undertakings for our shareholders. This is just the beginning for us in these industries. Our building partner is working on over 75,000 additional homes in 5 other African countries where we will be compensated and additionally where our solar power partner has additional targets where we would then carry our partnership to the level of at least 1 gigawatt, or in monetary terms, in excess of $1Billion of cost with the resultant long term power purchase agreements as the acceptable form of payback. Representatives of Nigeria's Power projects will be in Washington, DC on October 21st and we and our solar partner have been invited for a planning session. Our solar power partner has an office in Washington, DC, which provides direct access to the Obama Power Africa Funds offices. Management plans its Nigeria visit, during the first week of November to follow up on both power and housing projects. The rapid development of our non-mining initiatives coupled with the readiness of our mining operations scheduled for 2014-2015 gives us great confidence for our future. We hope that our fellow shareholders can share this same optimism."
Management has signed confidentiality agreements with our Solar and Housing partners. These agreements prevent us from releasing actual Company names of our partners or discussing our remuneration at this time. We may say that we will be paid a representative portion of the sales commissions on the housing projects and a portion of the profit on solar projects. Solar projects are built on a cost plus basis, assuring profitability. A typical housing project would involve several thousand homes, and a typical solar power project, e.g. 50MW, would cost about $50,000,000.
More information on our various projects, including mining, will be forthcoming.
ATLANTA, GA--(Marketwired - Sep 29, 2014) - Sunergy, Inc. ("Sunergy" or "the Company"
(OTC Pink: SNEY) (PINKSHEETS: SNEY) announced today that the Nigerian Federal Government's first phase of Affordable Home Ownership scheme, which was initially funded by the World Bank for $250,000,000, has now received over 100,000 qualified applications for their 10,000 pilot home offer. As of the initial deadline, there were 6 times the applicants. 'The Citizen', Nigeria's publication on Government matters reported as follows: "According to the Minister of Finance, Dr. Ngozi Okonjo-Iweala, at a press briefing to give an update on the implementation of the scheme, in Abuja, said since the commencement of the program on August 11, majority of Nigerians had expressed huge interest in the project, adding that the applications received were spread across the 36 states of the federation including the Federal Capital Territory with 63 per cent of applicants being male, while the balance of 37 per cent were female."
"When asked what the government would do now that the first phase of the housing scheme had been oversubscribed, she said, "Now, due to the over subscription of a decision has been taken to give all applicants to the lending members of NMRC to share on a pro-rata basis. As at Friday the 5th of September, 2014 (the initial closing date of the registration exercise), we had received 66,402 valid applications -- with more still calling. That is more than 6 times oversubscription to our initial 10,000 pilot. We are extremely pleased with this outcome."
Further information on this Pilot Project may be obtained in our Press Release, dated September 8, 2014. Discussion currently suggests that this project may be expanded to approximately 100,000 homes. Sunergy's building partner initially applied to build all 10,000 homes relative to its current invitation. Subsequent to the oversubscription, they have increased their bid to 20,000, and has now responded to Nigeria's invitation to participate in this 10,000 home initial Pilot Project, has been acknowledged as a contender, and has been further invited to register as a Developer for Nigeria, accepted by the government. This is just the start of Nigeria's effort to address the deficiency of more than 17,000,000 homes in the country. Further information will be made available on this fully funded $310,000,000 Pilot Project as available.
Our press release dated September 8, 2014 stated that that we intended on visiting Nigeria before the 30(th) of September for meetings with the appropriate authorities. Sunergy is pleased to announce that we were able to arrange these meetings in New York, saving us the time and expense of travel: Sunergy's building partner has been asked by the highest Nigerian officials to expedite the housing bids as well as further engage in an "American Village Style" custom housing and marina project on the waterfront in Lagos. This private project is in addition to the Government project. This project will involve more than 60,000 building units, including Mansions in this gated waterfront community.
After these high level meetings, we can now state with confidence that we now have a solid foothold within solar and housing in Nigeria. Our joint ventures and established relationships will allow us to participate in multi-billion dollar housing and solar development projects moving forward over the next decade. Sunergy fully intends to be a substantial participant in the 17 million housing requirement in Nigeria as outlined in the current West African publications.
As previously announced in our press release dated September 2, 2014, the Company has a Joint Venture with a substantial Independent Power Provider (IPP) in the US, that is currently involved with the Obama Power Africa $7 Billion initiative, to provide utility scale solar power to Liberia. We have now also executed a Joint Venture with our partner to provide utility scale solar power projects to Nigeria. We have officially been invited to submit proposals for these utility scale solar power installation(s) in Nigeria by the Chairman of the president of Nigeria's task force on power.
Both Liberia and Nigeria are qualified nations in the Obama Power Africa Fund. These solar contracts with our solar power partner, the Obama Power Africa Fund and others will not be dilutive to Sunergy shareholders, rather will be accretive.
Garrett Hale, Sunergy President and CEO said: "We are pleased that we are continuing to receive positive official responses to our efforts in the affordable housing and solar power businesses. These efforts are now poised to produce substantial future revenues for our shareholders. The nature of both housing and utility scale solar power projects are long term projects which will require substantial financial support, which is being approached without requiring any dilution of our shareholders. Our negotiators have worked hard to position our company to profit from these transactions and have de-risked these substantial undertakings for our shareholders. This is just the beginning for us in these industries. Our building partner is working on over 75,000 additional homes in 5 other African countries where we will be compensated and additionally where our solar power partner has additional targets where we would then carry our partnership to the level of at least 1 gigawatt, or in monetary terms, in excess of $1Billion of cost with the resultant long term power purchase agreements as the acceptable form of payback. Representatives of Nigeria's Power projects will be in Washington, DC on October 21st and we and our solar partner have been invited for a planning session. Our solar power partner has an office in Washington, DC, which provides direct access to the Obama Power Africa Funds offices. Management plans its Nigeria visit, during the first week of November to follow up on both power and housing projects. The rapid development of our non-mining initiatives coupled with the readiness of our mining operations scheduled for 2014-2015 gives us great confidence for our future. We hope that our fellow shareholders can share this same optimism."
Management has signed confidentiality agreements with our Solar and Housing partners. These agreements prevent us from releasing actual Company names of our partners or discussing our remuneration at this time. We may say that we will be paid a representative portion of the sales commissions on the housing projects and a portion of the profit on solar projects. Solar projects are built on a cost plus basis, assuring profitability. A typical housing project would involve several thousand homes, and a typical solar power project, e.g. 50MW, would cost about $50,000,000.
More information on our various projects, including mining, will be forthcoming.
