VANCOUVER, British Columbia, Jan. 06, 2020 (GLOBE NEWSWIRE) -- (REO.CN) - Reservoir Capital Corp. (REO.CN) ("REO" or the “Company”) is pleased to announce that its wholly-owned subsidiary, Kainji Power Holding Limited ("KPHL") has received yet another payment in respect of its interim dividend for 2019 accounting year relating to its investment in Mainstream Energy Solutions Limited’s (“MESL”), bringing the total for Q4 2019 to US$550,971 instead of US$420,000 announced last week, bringing the total dividend income of REO for 2019 to approximately $1.7 million and bringing the total dividend income of KPHL from MESL since REO made its first investment in KPHL in September 2018 to just over $2 million.
KPHL is a single-purpose entity, 100% owned by REO since October 2019, that now holds two private equity stakes (see details below) giving REO approximately 42.7MW of net operating capacity in 4 quality Hydropower Assets:
- a minority interest in MESL, the concessionaire of two leading Nigerian hydro power plants located at Kainji and Jebba on the Niger River with a combined operating capacity of 922MW; and
- a majority interest in Olocorp Nig Ltd which itself holds a minority interest in North South Power Company Ltd (“NSP”), the concessionaire of two important Nigerian hydro power plants located at Shiroro and Gurara, both on the Kaduna River, with a combined operating capacity of 630MW.
Since REO made its first investment in KPHL in September 2018, KPHL has received over US$1.5 million (over $2 million equivalent) in dividend income from its portfolio companies as follows:
- US$219,638 from MESL interim dividend declared in December 2018
- US$332,626 from MESL interim dividend declared in March 2019
- US$441,964 from MESL interim dividend declared in July 2019
- US$550,971 from MESL interim dividend declared in December 2019 (US$420K paid in December and US$130K complement paid in January)
About Reservoir Capital Corp.
REO’s current asset portfolio comprises minority indirect economic interests in clean power assets (currently 4 hydro power plants) representing 42.7 MW of net operating capacity.
REO’s Vision & Mission is to assemble a balanced portfolio of producing and near-production clean energy assets in growing economies.
REO’s strategy to achieve its Vision is to approach shareholders of privately held quality assets and offer them diversification, liquidity and exposure to a growing portfolio assembled following a disciplined investment policy.
REO’s investment policy consists essentially in taking carefully selected minority economic interests in quality clean power assets in key geographies, targeting regular dividend income over long periods, while offering the potential for capital gain in the medium term.
For more information on the Company, please visit www.reservoircapitalcorp.com . Investors are cautioned that trading in the securities of REO should be considered highly speculative. Additional information on these and other factors that could affect the operations or financial results of REO are included in REO's CSE Listing Statement and most recently filed quarterly report, each of which is filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com). The CSE have neither approved nor disapproved the contents of this news release.
For any clarification, one may contact:
CEO, Reservoir Capital Corp.
NEITHER THE CSE NOR THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.