First South African order received to build, own and operate up to 30 Gigawatts of green electricity.
Aventura, Florida, July 13, 2023 (GLOBE NEWSWIRE) -- BioPower Operations Corporation (OTC Pink: BOPO) d/b/a as HYFI Corp., today announced that our Joint Venture with POWGEX ENERGY SOUTH AFRICA, POWGEX-HYFI, has secured its first significant green electricity generating facilities order for up to 30 Gigawatts (GW). We are invited to build, own and operate an initial 1 GW facility with the potential to expand to up to 30 GW of solar power in the populous Municipalities of Mpumalanga, South Africa.
It is contemplated that project installations for the first 1 GW will begin in Q1 2024 with a total project cost of $2.5B, with the main costs attributed to solar pv panels, battery storage, EPC & O&M. A market leading solar pv and battery storage OEM has been selected for the first 1 GW of deliverables to be provided and installed. POWGEX-HYFI is presently in discussions with a world leading EPC and O&M provider for installation of the project deliverables.
Mpumalanga,is a prosperous province situated to the east of Johannesburg and Pretoria. This is the first of what is expected to be multiple orders from municipalities looking to contract directly with POWGEX-HYFI and establish long-term Power Purchase Agreements (PPAs). The Municipalities in Mpumalanga Province have a vibrant economic region with activities in manufacturing, mining, construction, finance and power generation.
POWGEX-HYFI has been invited to provide an initial 1 GW Solar Power Plant, with future expansion between 5GW to 30GW within the larger Mpumalanga region.
Total transmission capacity in Mpumalanga Province is close to 22GW in Substation and Transformer Capacity, but only 6.5GW of readily available generating capacity. Adding additional capacity can comfortably be accommodated within the current infrastructure and in time up to 30GW could be added on the basis of Eskom’s Grid Connection Capacity Assessment.
The scale of the challenge for renewable power investment in South Africa was highlighted in a government-backed report: Net zero in South Africa – It all hinges on Renewables. South Africa National Business Initiative, September 2022. “By 2050, at least 190 gigawatts (GW) of renewables need to be deployed to fully decarbonise the power sector. Capturing the opportunity presented by the Green Hydrogen economy (a national aim) requires potentially up to 170-200 GW of additional dedicated renewables capacity. That means South Africa will need to build ~6-7 GW of renewables every year for the next three decades for the power system alone. The annual renewables build rate would further increase if the Green H2 opportunity is pursued.”
BioPower has greatly expanded its consortium of interested banks, investment banks and funds to provide structured finance for the projects and discussions are advancing with world leading financial institutions to fund the projects’ requirements.
Signet Capital has agreed to be the lead financial advisor of record and is arranging a $450 Million private placement for the first trance(s) of a green electricity generation project of the joint venture with POWGEX ENERGY called POWGEX-HYFI which intends to build, own and operate green electricity generating facilities for the next 45 years
BioPower will own up to 19.99% of the joint venture and receive a $50m equity investment in exchange for various deliverables including providing initial structured finance for $450 Million and our OEM, EPC & O&M relationships.
A portion of the use of proceeds will enable, subject to certain terms and conditions, POWGEX Energy to buy 15% of BioPower Common Stock or 7,500,000 shares at $6.67 per share at a $333 Million valuation for $50,000,000 and get one Board of Director seat. HYFI will have one Board of Director seat on the JV and POWGEX will have 2 seats.
About BioPower Operations Corporation/ HYFI Corp.
BioPower Operations Corporation (OTC Pink: BOPO) is focused on sustainable project deliverables including project funding solutions, OEM, EPC and O&M relationships and other consultancy services in the green energy, environmental and infrastructure market.
For more information please visit: www.hyfi-corp.com.
About Signet Capital
Signet Capital, LLC, is a boutique investment banking and structured finance services firm with extensive structuring and distribution capabilities for debt and equities securities. Signet Capital is able to effectively place and syndicate securities through our strong relationships with financial institutions, private equity firms and other investors providing access to unique sources of capital. Securities transaction execution is provided by Signet Securities, a FINRA, SIPC, and MSRB member broker dealer.
For more information please visit: https://www.signetllc.com/our-projects/signet-capital/
About POWGEX ENERGY
POWGEX is a leading provider of ground-breaking and highly innovative green energy solutions for environmental issues, and the development of renewable power and infrastructure projects.
The management of POWGEX has a wide body of highly relevant knowledge and has vast experience creating relationships with numerous stakeholders to construct utility-scale renewable energy projects including hydrogen, solar, wind, and a broad variety of other renewable energy solutions. Innovative methods for protecting the environment and greener forms of energy.
POWGEX Energy provides a variety of carbon offsetting solutions for a broad variety of industries, including commercial, industrial, transportation, mining, and manufacturing applications. These carbon offsetting solutions may be found in POWGEX Energy's portfolio of products.
POWGEX Energy offers comprehensive solutions for the stabilisation of the renewable energy grid. These systems may incorporate generation, storage, intelligent control, and smart metering.
For more information please visit: powgex.com
FORWARD-LOOKING STATEMENTS
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Media Contact
Troy MacDonald, CEO
+1-786-923-0272
Web: hyfi-corp.com
