C O M P A N Y O V E R V I E W
Alset Power Company, Inc. was founded in April of 2014
The people who are involved on the board of directors of the company are Mark Turner, who is works in research and development for the company. Mark Turner previously worked for NASA in the development of the propulsion system for the space.
He has recently developed new technologies related to the energy sector which improve efficiencies to a high degree. Tim Formaz works on the construction side of the company and has been building power plants for 35 years. Tim brings Siemens to provide EPC services for any of the power plants that are built outside of China.
Our office in Santiago, Chile handles all of our work in South America. In 2017 Alset Power Company formed a 50/50 partnership with Andes Green Energy to develop two 1,000 MW solar PV farms located in Iquique and Calama, Chile. The solar farm in Calama will be supplying electricity to CODELCO, the state-owned copper mining company as their Chuquicamata mine is the largest open pit copper mine in the world by excavated volume. Because Codelco is planning on taking the mining operation underground, substantial electricity will be needed for this process. The Calama project is situated on 4,000 hectares of land and the Iquique project is situated on 3,000 acres of land. The Iquique project is located approximately 30 minutes east of the city of Iquique, Chile on flat terrain.
Alset Power Company has a strategic relationship with China SFECO Group for the purpose of developing projects in Latin America where SFECO had not yet established a presence. SFECO, a state-owned company, has developed the Shanghai Financial Center, which is the largest financial center in Southeast Asia. China SFECO Group has built numerous thermal power projects throughout Asia. SFECO is the EPC for most of the energy projects that Alset Power has targeted in Latin America for development. We have had joint meetings recently in Shanghai, China to develop 185 MW of wind farms located in Argentina. China SFECO Group has annual resources to build and develop up to $5 Billion in projects in Latin America alone.
Below is a list of people who are employed or contracted by the company for specific countries where Alset Power is developing projects:
Juan Walker: Works in the Chile office with new projects throughout the nation of Chile and Argentina.
Frank Fernandez: Works on power projects in Dominican Republic and the Caribbean area.
Henry Fernandez: Works on the development of energy projects in Dominican Republic.
Paul Sczejda: Works worldwide in the development of new projects for Alset Power Company.
Yogesh Patel: Works in India with the federal government and brings Alset Power Company power and infrastructure projects nationwide throughout India.
Billy Hooper Zhang: Works in the development of energy projects in the Philippines
Charles Ohmori: Represents Alset Power Company in Japan in the power industry projects.
Y.Y. Kim: represents Alset Power Company in S. Korean power and infrastructure projects.
Shaikh Abdul Aziz Al-Khalifa: Represents Alset Power Company in the Middle East.
Jeff Williams: oversees the development of new WTE projects that are currently being assembled in Palm Springs, California and Chehalis, Washington.
Mark Berrueta: Develops new energy and infrastructure projects in Mexico.
Luiz Salomon: represents Alset Power in Brazil for WTE, energy and transmission projects.
Regarding financial resources, Alset Power Company has a major portion of its assets tied up in projects of major proportions in Chile where we have the 50% ownership of the development of the 1 Gigawatt solar farm located in the Atacama Desert near Iquique, Chile. That project is located approximately 30 minutes east of Iquique in a prime location for solar power. The estimated cost to complete this project is $930 Million. In addition to the Iquique project, Alset Power Company is developing the 1 Gigawatt solar PV project near Calama, Chile which should be approved for construction by the end of 2019.
Currently, Alset Power Company does not have any financials available for public inspection as it is a private company. The company has committed all of its current resources to a variety of projects that are currently either under development or in the process of being purchased by the company. Some of the projects in which we are involved are indicated below. However, we do have a 2019 annual budget of $4 Billion available for various energy and infrastructure projects exclusively in Latin America, through our business partner, China SFECO Group, based in Shanghai, China. Such projects could include a coal-fired power plant similar to Punta Catalina in the Dominican Republic.
Alset Power Company is both purchasing and building projects in various countries around the world. In the United States Alset Power Company is pursuing the 50% purchase of two power plants near Sacramento and Fresno, California. The company that is selling these two power plants has two additional power plants that have been idled and Alset Power wants to purchase and re-open these plants once the first two are acquired. We are expecting that these power plants will be finalized in a purchase within the next few months.
We have arranged a joint venture with North American Power Group to develop and complete the approved 410 MW coal-fired power plant located near Gillette, Wyoming. The project will be situated on 900 acres adjacent to the largest coal mine in the United States. Negotiations are continuing to obtain a power purchase agreement for this project. Financing is forthcoming upon signing of a PPA. CFE, the Mexican national utility company has agreed to provide a power purchase agreement once we have approval with the companies that own the transmission lines to obtain a toll agreement to use their lines for transmission of electricity produced by the project.
Alset Power Company has entered into an agreement to purchase interest in the 100+ MW of solar farms being developed in Puerto Rico by SolarBlue an international solar development company that owns and develops solar projects in the United States and worldwide. Alset has also agreed to develop a 200 MW solar farm in Puerto Rico with Fundacion Dharma and its president, Dr. Rafael Burgos. Because of the recent flooding and winds that devastated the power transmission system in Puerto Rico, the U.S. Army Corp of Engineers is heading up the process of restoring power to that country. Alset Power Company has been given the opportunity to complete a new 450 MW power plant that is actually stored in a warehouse in Puerto Rico. We will complete the project as soon as we get the financing lined up. This should be done fairly quickly because the U.S. government has this restoration on a fast- track.
In the country of India we are moving forward on multiple projects including both energy and infrastructure because of our good relationship with the government. The most immediate project is an existing 270 MW coal power plant that has been built, but has not begun operation. We are in the last phase of negotiations to purchase this plant and to build the second phase of an additional 270 MW once we have a power purchase agreement in place. Alset Power expects to have an agreement to purchase this project within the next month as we are finalizing the contract with the purchase of coal from the mines. The bank is taking this power plant back, so we are negotiating a much reduced price that makes the project viable if the PPA is at the price needed to be economically feasible.
We have recently negotiated a joint venture with Manas Agro Industries & Infrastructure, LTD of Nagpur, India to install our proprietary technology to their power plants that are supplied the bagasse feedstock to fuel their several power plants. We are currently working with several lenders in Asia to refinance their sugar mills and power plants in order to get the venture started. Once these projects are operating under our technology, the State of Maharashtra has promised Alset Power Company 10,000 MW of power projects to convert to our new power technology. Additionally, one of our partners is working with us to develop a 1,000 tons/day WTE project in Bangalore, India. The MSW contract is already in place to receive the feedstock from Bangalore and we have an agreement with the local utility company to provide a PPA once we have our funding in place.
The nation of Nepal has granted Alset Power Company the contract to build a 650 MW hydro-electric project. The Nepalese government has agreed to enter into a joint venture with Alset Power Company and to provide a sovereign guarantee to allow for financing to construct this project. China Export Import Bank will be providing the financing for this project.
One of the largest WTE projects we are in the middle of developing in the Philippines is the Phoenix WTE project located near Manila. This project already has the feedstock agreement in place to provide a total of 10,000 tons of MSW per day for 20 years. We are in discussions with two companies that have indicated interest in becoming a joint venture partner. As you may be aware, a foreign national company cannot be a 100% owner of commercial projects in the Philippines. Our partner in the Philippines is Greenworld Renewables and Edward McCartin who is based in Hong Kong. We have the site for the WTE power project that is approved for the project which will cost approximately $1.25 Billion once fully completed. Another company in the Philippines has just offered us a contract of 600 tons per day of MSW to build a WTE project near Baguio, which has a major problem with municipal waste. We are working on getting the PPA in order to obtain the financing for the project. Our relationships in the Philippines go all the way up to President Duterte and people within his cabinet.
Alset Power Company has been offered the project of developing a new city on the island of Failaka, which is approximately 20 kilometers off the coast of Kuwait. Through our partner, China SFECO Group, we have access to the $5 Billion in funds that it will take to complete the project. We plan to meet with the Al-Sabah family members responsible for the new construction project. A six-lane bridge will be constructed from the mainland to Failaka Island. Alset Power Company has been offered the development and financing of a 2,000 MW solar PV project in Kuwait. We are in the process of putting this together with the Al-Sabah family to build and provide all materials and construction to completion. We will be partners in this project which will be a government project for the country.
Finally, we are in negotiations with Abdul Latif Jameel Energy division in Dubai, United Arab Emirates to create a joint venture to build desalination plants throughout the Middle East using a new proprietary technology to produce fresh water at a reduced cost per cubic meter. Abdul Latif Jameel International DMCC is a large, multinational company with annual revenues in excess of $12 Billion.
Also, there is a waste-to-energy project of approximately 80 MW on the Indian reservation in the state of Washington which we have been offered to construct and complete for the Indian tribe. The estimated cost of this project is $100 Million. If you need additional details, please submit your request.
In conclusion, Alset Power Company is in continual negotiations for both the purchase and development of various energy or infrastructure projects worldwide. Obviously, the status of projects can change daily because of world economic conditions. Any projects that we pursue are based upon a positive financial result that is beneficial to the growth and future of Alset Power Company. Almost all of the projects in which we acquire interest are for a long-term hold having no desire to sell in the future.