This agreement follows the binding letter of intent signed earlier between HAE and MRS to secure and develop such hydrokinetic water power projects in the West Africa region.
The two firms have formed Natural Energy Solutions (NES), to enter into power purchase agreements for developing hydrokinetic water power projects.
As part of the joint venture, MRS has made an initial substantial equity investment in HAE, which will be utilized both by HAE and NES for further technology development, working capital and general corporate purposes.
NES is also planning to advance the terms and conditions of Memorandum of Understanding (MOU) dated 15 October 2010 between a prior MRS subsidiary and the Cameroon government.
The MOU will provide Cameroon government to facilitate access to and grant certain exclusivity rights with respect to the project sites that will be selected as part of the feasibility studies and construction of electricity generation facilities to be undertaken.
