PHI Group Acquires Majority Stake in Vietnamese-Hungarian Renewable Energy Company
LOS ANGELES and HO CHI MINH CITY, Vietnam, April 2, 2012 /PRNewswire/ — PHI Group, Inc., (OTCQB:PHILD), (Pinksheets: PHILD.PK) a company focused on energy and natural resources, announced today that it has signed an agreement to acquire a 51% equity interest in Vietnam-Hungary Technological Application Joint Stock Company (“VHC”), a Vietnamese company engaged in breakthrough renewable energy using a combination of innovative solar energy and wind power technologies developed in Hungary.
VHC has been granted License No. 56121000810 by Phu Quoc Island Investment and Development Authority to build power generating facilities in an area of 8.7 hectares in Hon Thom Island, Phu Quoc District, Kien Giang Province, Vietnam, using both solar energy clusters and wind power modules, to initially provide an output of 1,270 Kwp of electricity to residents of Phu Quoc Island, a well-known tourist destination currently not connected to the national grid of Electricity of Vietnam. According to VHC, these combined innovative technologies have proven to be several times more efficient than existing systems currently in the marketplace, based on productivity, durability and investment outlay.
VHC expects to begin generating revenues from the sale of electricity directly to end users, currently estimated at 21.4 cents per Kwh, within sixty days following the receipt of equipment shipments. With the initial capacity, VHC will also receive credit for six tons of CO2 per day at the price of $US 18 per ton as stipulated by the Vietnamese government. After the completion of the first phase of this project, VHC intends to increase capacity to 50 Mwp to meet the growing demand for electricity in the energy-starved Island of Phu Quoc.
VHC believes these combined technologies can be economically applied not only in Vietnam but also in other countries as well. The Company intends to expand its operations to Indonesia and the Philippines both of which have a large number of islands not connected to the national electricity grids. Recently, Henry Fahman, Chairman and CEO of PHI Group, Inc., met and discussed with the Filipino National Power Corporation (www.napacor.com) the possibility of using these technologies in remote areas of the Philippines.
About PHI Group
PHI Group (OTCQB:PHILD) (Pinksheets: PHILD.PK) focuses on energy and natural resources in Southeast Asia and holds majority interests in subsidiaries engaged in real estate development and M&A consulting services.
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SOURCE PHI Group, Inc.