First South African order received to build, own and operate up to 30 Gigawatts of green electricity.
- Significant order secures long-term revenue potential for BOPO and POWGEX-HYFI.
- Expansion potential of up to 30GW offers promising growth prospects for the joint venture.
- Structured finance from leading financial institutions demonstrates confidence in the project.
- None.
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
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
BioPower will own up to
A portion of the use of proceeds will enable, subject to certain terms and conditions, POWGEX Energy to buy
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
This press release contains forward-looking statements that are subject to many risks and uncertainties. The forward-looking statements are not historical facts and constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements to differ materially from those expressed or implied. The words “will,” “contemplate,” “believe,” “expect,” “intend,” “may,” “can,” “could,” "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are not guarantees of the future as there are a number of meaningful factors that could cause the Company’s actual results to vary materially from those indicated by such forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate in the circumstances. Factors which could cause actual results to differ from expectations, many of which are beyond the Company’s control are discussed in the Company’s filings with the Securities and Exchange Commission (the “Commission”) including those identified under the section captioned “Risk Factors” in the Company’s Registration Statement on Form S-1, filed with the Commission on December 7, 2022, and as updated in subsequent filings with the Commission. The Company disclaims any obligation to update the information contained in these forward-looking statements whether as a result of new information, future events or otherwise.
Media Contact
Troy MacDonald, CEO
+1-786-923-0272
Web: hyfi-corp.com
FAQ
What is the significance of the 30GW solar power order secured by POWGEX-HYFI in South Africa?
How will the $450M private placement be arranged for the green electricity generation project?
What are the potential implications of establishing long-term power purchase agreements (PPAs) with Mpumalanga Municipalities?
What is the ownership structure of the joint venture between BOPO and POWGEX ENERGY?
