Camana Bay, Cayman Islands, June 22, 2024. Infinitum Energy (“Infinitum“, “iEg“, or the “Company“), a leading climate infrastructure clean energy development company, is pleased to announce the Company has received its Letter of Intent from the Ceylon Electricity Board (“CEB”) for the development of the first 100MW phase of the Company’s 350MW solar project in the Hambantota region of Sri Lanka.
This key approval will allow iEg to propose and plan for the interconnection of the project to the Hambantota grid substation. The project is expected to produce almost 268,000 MWh of clean solar energy, while creating local jobs and reducing the governments foreign cash expenditures on imported fossil fuels.
Camana Bay, Cayman Islands, June 22, 2024. Infinitum Energy (“Infinitum“, “iEg“, or the “Company“), a leading climate infrastructure clean energy development company, is pleased to announce the Company has received its Letter of Intent from the Ceylon Electricity Board (“CEB”) for the development of the first 100MW phase of the Company’s 350MW solar project in the Hambantota region of Sri Lanka.
This key approval will allow iEg to propose and plan for the interconnection of the project to the Hambantota grid substation. The project is expected to produce almost 268,000 MWh of clean solar energy, while creating local jobs and reducing the governments foreign cash expenditures on imported fossil fuels.
About Infinitum Energy
Infinitum is a climate infrastructure company specializing in the development of clean energy projects within emerging markets. The Company’s core focuses are high-impact solar, wind, and innovative waste-to-energy projects. Through strategic partnerships with leading financial institutions, the team has executed on 42 clean energy projects spanning 13 countries to date, with investments amounting to over $12 billion. Infinitum’s current development stage projects are located in Sierra Leone and Sri Lanka; with teams actively developing additional projects in Mongolia, Uganda, and Turkey; totalling more than $2.5 billion of expected capital expenditures.
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]
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This news release may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements.
This news release may contain forward-looking statements and information concerning the Company; and includes its wholly owned subsidiaries.
The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the success of new project development, the continued ability to access capital through equity offerings to support the Company’s ongoing operations, and other factors that affect demand for the Company’s products.
Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company’s actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to a Company project successfully completing a financial close, being able to generate carbon credits, expenditures and other factors that affect demand for the Company’s products, industry competition, uncertainties as to the Company’s ability to implement its business strategy effectively on a global basis, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, political and economic conditions and the Company’s ability to attract and retain key personnel.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether, as a result of new information, future events or otherwise, except as required by law.
