LHGI signs MOU with ENP1C 60 MW Solar Farm, Philippines
LIGHTHOUSE GLOBAL HOLDINGS, INC. (LHGI), a Holdings Company for Tech Start-ups, is set to expand its acquisition target to include a range of revenue generating companies that have impact on the ESG (Environmental, Social, Governance) sectors
Las Vegas, Nevada--(Newsfile Corp. - July 9, 2020) - Lighthouse Global Holdings, Inc. (OTC Pink: LHGI) ("LHGI") has signed an MOU with Embrace Nature Power1 Corporation, Philippines (ENP1C), to acquire up to Twenty (20%) percent in exchange for LHGI ordinary restricted shares upon the commissioning of the Renewable Energy Plant, subject to ENP1C's performance.
ENP1C is a new generation developer of 60MW Solar Power Project; Phase 1 - a 44MW and Phase 2 - a 16MW Solar Energy farm under Service Contracts with Department of Energy, both of which are located in General Santos City, South Cotabato, Philippines.
ENP1C has secured a 486 hectares duly blocked by the Department of Energy (DOE).
ENP1C is fully entrenched as a renewable energy developer in the Philippines to explore, develop and operate its natural resources such as solar, wind, hydro, biomass, and waste-to-energy markets. In September 2019, the DOE is targeting to triple the existing renewable capacity of 5,438 MW in 2010 to 15,304 MW by 2030 (Fig 1). Solar energy is projected to grow more than 300% from 2018 to 2030, the biggest sector of renewable in Philippines.
Danny Lim, CEO of Lighthouse Global Holdings Inc., rationalized, "The solar renewable market is projected to grow exponentially in the next 10 years. Being one of the world's most expensive rate for electricity means ENP1C has a great leverage to make lucrative profit when it is operational. The EPC cost of a Solar farm has decreased rapidly but is not yet congruent to the prevailing expensive electrical bills in the country. For certain as we move forward, Solar energy will play a very vital role in bringing down the future electrical cost that will benefit the end consumers. Looking forward by defraying household cost and thus constitutes to increase their power spending attributed to this industry."
Upon the MOU is executed, LHGI will start its due diligence on ENP1C's financial and technology edge in consonance to its future expansion plans for the Philippines energy market.
LHGI is overwhelmingly aggressive towards the pursuit in the acquisition of technology entities in the Philippines. Just 3 weeks ago, LHGI has signed another MOU with AERO360, a drone technology solutions company. What would be the significance of all these undertakings?
"AERO is a profitable and fast growing company. From the last signing, they had been engross tendering for a number of contracts, while we do our due diligence. We will possibly enter into a more definitive agreement soon. As for ENP1C, it is a basic utility and project based company which is a fundamental core of countries economic growth. Its potential market demand is dynamic and environmentally sustainable. To achieve its fulfillment requires extensive cost and effective studies from pre-development to its construction phase. It is keen to take off its wings by first quarter of 2022. LHGI is driven to install and construct this project as per specified milestone with a 20% equity stake," commented Danny.
Danny added, "However, for now, ENP1C will need to raise substantial funds to develop their projects. Strategically, LHGI has another Tech Startup known as Projagg, which we had acquired in November 2018. Projagg had since been revamped and redesign to help developers, such as ENP1C to raise funds and to ensure transparency and accountability throughout the entire development phase. This is one of the many projects we have in place for Projagg when we do a soft launch in August. This is an excellent alignment of interest for all our partners, associates and stakeholders."
Projagg, as mentioned by Danny, is a project aggregator for the real estate and project development. It will be interesting to note that all funds raised for LHGI's acquisition plans will be conducted via the Projagg platform. This literally means Projagg will have a ready pool of projects to kickstart. It is intriguing, though challenging, to see how LHGI is piecing all their strategic acquisitions to assist each other.
Yan V. Amante, the President and CEO of ENP1C, is confident. "The challenge for getting a solar farm project in Philippines is extremely tedious and involves enormous paper works. It is incredible to earn such numerous entitlements and we surpassed it. Thankfully, due to President Duterte's new reforms, this project will be more competitively profitable than previously planned imparted upon by the Renewable Portfolio Standard (RPS) Law. The imperative imposition to all Distribution Utilities and other exposed fossil driven industries to avail a mandatory support of renewable energies. With LHGI's partnership, we believe we will be able to raise the required amount to kickstart development soonest. This is only the beginning of many projects in our pipeline. We are pleased to be working with Danny and his team."
Electricity prices in the Philippines are amongst the highest in Southeast Asia at about US$0.20 per kWh. This is due to the long monopolization of Power Supply, as well as the country's dependence of imported fossil fuels. However, situations are favorably changing as the government introduces more efficient fair and reasonable regulations.
The dramatic reduction of power utility cost may paves way to a better life to Filipinos as well as the protection and preservation of our environment and habitat. LHGI is redirecting its business portfolio towards a symbiotic impacts on social, technology and economic balance with sturdy foundation to generate sound profit and revenues resiliency.
The AERO360 drone company bears complementary projects with ENP1C and Projagg spearhead its platform to aggregate all these projects for the provisions of required equivalent funding.