DAR ES SALAAM, Tanzania,
Dec. 15, 2014 /PRNewswire/
-- Continental Energy Corporation, (OTCQB: CPPXF), an emerging
international energy investment company ("Continental"),
today announced that the United States Trade Development Agency
("USTDA") has awarded a $600,000 grant to support the development by
Continental's subsidiary, Ruaha River Power Company Limited
("Ruaha Power"), of two 10 Megawatt ("MW")
run-of-river hydropower facilities that will supply power to both
the national grid and to off-grid villages in the Lukosi River
basin region of Tanzania.
The grant is to fund a detailed feasibility study, to be
undertaken by U.S. consulting company Knight Piesold & Co.,
that will evaluate technical requirements of the proposed
facilities and make recommendations on a standardized 10 MW
hydropower plant design, layout, and equipment configuration that
Ruaha Power can use to fast-track the developments at these and
other Ruaha Power selected localities where the required site
conditions for a similar size hydropower plant are appropriate.
The grant agreement was signed at the U.S. Embassy in Dar es
Salaam by Mr. Brandon Megorden,
USTDA Country Manager and Continental director, Mr. John Tate, who is also the CEO of Kastan Mining
PLC, the host country sponsor for the grant. Mr. Tate commented
after the signing, "We established Ruaha Power to create a
platform that could quickly identify, develop, and launch smaller
scale renewable energy generation and distribution network projects
to serve our target customer base, off-grid communities in
Tanzania. Ruaha Power's primary
role and objective in the feasibility study is to develop a
screening procedure to identify specific additional locations
suitable for more 10 MW hydropower developments."
Continental's CEO, Mr. Richard L.
McAdoo, added, "The template this grant enables us to
create will allow us to identify other selected locations in
Tanzania, Indonesia, and other developing countries
around the Indian Ocean Rim. Our plan is to replicate similarly
sized, environmentally friendly run-of-river hydropower projects.
The grant also provides us with a strong vote of confidence in
Continental's new business model as we move into the project
financing phase to implement these developments."
About Ruaha Power: Ruaha Power, a
subsidiary of Continental, is an international renewable energy
developer committed to profitably developing and operating
customized hybrid renewable electrical power generation and
isolated mini-grid distribution networks ("Mini-Grids") that
supply underserved rural and small urban markets of Tanzania and other developing countries around
the Indian Ocean Rim. In addition to the hydropower projects
supported by the USTDA grant, Ruaha Power is developing a 2 MW
Mini-Grid assisted by grant aid from the Rural Energy Agency's
Tanzania Electricity Development Program, and another 300 kW
Mini-Grid development to serve 1,600 customers in Malolo,
Tanzania.
About the USTDA and the Power Africa Initiative:
The U.S. Trade and Development Agency helps companies create U.S.
jobs through the export of U.S. goods and services for priority
development projects in emerging economies. USTDA links U.S.
businesses to export opportunities by funding project planning
activities, pilot projects, and reverse trade missions while
creating sustainable infrastructure and economic growth in partner
countries. The grant awarded by USTDA builds upon the
Agency's long history of connecting U.S. industry to priority clean
energy projects in sub-Saharan Africa. These hydropower
projects also support the goals of Power Africa, a U.S.
government-led initiative to increase electricity access across the
continent.
On behalf of Continental,
Robert V. Rudman, C.A.
Chief Financial Officer
www.continentalenergy.com
Forward Looking Statements - Any statements in
this news release that are not historical or factual at the date of
this release are forward looking statements. Forward looking
statements in this release include Ruaha Power's expectation to
profitably develop and operate its hydropower projects or its
Mini-Grids, and Continental's expectations for Ruaha Power's future
commercial performance. There are many factors which may cause
actual performance and results to be substantially different from
any express or implied plans, estimates, forecasts, expectations,
or objectives described in any forward looking statements.
Additional risk factors are described from time to time in
Continental's periodic filings with the US Securities Exchange
Commission. Continental assumes no obligation to update the
information in this release. No securities regulatory authority has
either approved or disapproved the contents of this news
release.
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SOURCE Continental Energy Corporation