Vancouver, B.C., February 1, 2022 – Infinitum Energy Pte Ltd. (“Infinitum”, “iEg”, or the “Company”) is pleased to announce it has entered into a joint venture agreement (the “JV Agreement”) with Samsara Energy Management LLC (“Samsara”) to develop a 240MW wind energy project in Mongolia (the “Project”).
Pursuant to the JV Agreement, Samsara has secured 200 hectares of land in a potential Class 1 wind area (the “Project Site”), which will be contributed to the Project. The Company anticipates up to 240MW of installed wind capacity at the Project Site. The Project Site’s Class 1 designation gives this project tremendous energy generation potential relative to the land required, thus making the project far more attractive relative to a Class 2 or 3 site. The Company’s team has already identified transmission interconnection and other supporting infrastructure necessary to successfully develop the project.
Mr. Lindsay Nagle, CEO of Infinitum, commented: “Both our Chairman, Brian O’Sullivan, and I are thrilled to be returning to Mongolia, supporting the development of Mongolia’s vast wind resource potential with a strong team of local, Ulaanbaatar-based, industry veterans. Also, 240MW of clean-energy will provide an enormous contribution to Mongolia’s 30% renewable energy target, and goal to reduce reliance on coal-fired capacity. At present, we estimate total Project capital expenditures in excess of US$350,000,000, and represents another significant contribution to the country.” said Mr. Lindsay Nagle, CEO of Infinitum.
About Samsara Energy Management LLC.
Samsara develops wind and solar energy projects in Mongolia. The company aims to capitalize on Mongolia’s vast renewable energy potential and to participate in the Asian Super Grid initiative, enabling East Asian countries to exchange renewable energy. Its management team has extensive experience developing a number of renewable energy projects throughout Mongolia. The company holds interests in several strategic wind and solar projects, in key locations along existing transmission infrastructure in Mongolia.
About Infinitum Energy Pte Ltd.
Infinitum is a Singapore-based climate infrastructure company focused on emerging market clean-energy project development. The team’s prior experience includes more than $12B of clean energy project development over their respective careers. The team has come together around Infinitum, using existing and proven waste-to-energy, wind, and solar technologies.
They are supported by a world-class project finance syndicate and development bank project underwriting, allowing the team to successfully execute in areas where the positive impacts of renewable energy development needed. The Company’s lead projects are located in Sierra Leone, Uganda, Turkey, Sri Lanka, Buffalo (NY) and now Mongolia, totalling more than US$2b of potential capital expenditures currently in development phase (pre-financial close).
For further information on the Company, please visit https://www.infinitumenergygroup.com/
ON BEHALF OF THE BOARD
“Lindsay Nagle”
Director & CEO
For more information contact:
Jeremy Wright, Director & CFO
+1 (604) 837-7990
[email protected]
Unless otherwise denoted, all currencies are denominated in United States of America Dollars.
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