ENERDYNAMIC HYBRID TECHNOLOGIES ANNOUNCES CONTRACT TO BUILD 100,000 HOUSES
Enerdynamic Hybrid Technologies Corp., along with its new joint venture partner, Unified Construction and Investments Ltd. (UCI), and in conjunction with the government of Ghana and the Ministry of Works and Housing (Ghana), have come together to construct 100,000 affordable housing units in the country of Ghana. The final agreement, dated Sept. 7, 2018, will see the units constructed over the next 10 years.
This joint project will see these houses built out in 10,000 house units per year, which will be built across the 10 regions of Ghana. The Ghanaian Ministry of Works and Housing will be responsible for the design of the houses, providing the land and ensuring the sites have access to water, electricity and roads. At this time, there are sufficient sites prepared for the first 10,000 units. This ministry will also assist Enerdynamic in providing all import permits, licences and documentation required.
UCI, a Ghanaian company involved in the design, engineering and construction of housing, infrastructure works and financing, will provide the construction of the houses in Ghana, with Enerdynamic providing the Enertec system of housing construction material and solar integrated roof system. Enerdynamic will also bring the project to its Ghanaian partner, the GN Groupe, which will be able to provide off-take mortgages to the projected homeowners. Enerdynamic will also work with its partners Elevate Finance and EDC to provide the additional capital required to build out the project on a phase-by-phase basis.
The project is slated for 60,000 two-bedroom units and 40,000 three-bedroom units. The two-bedroom units will sell for $33,600 (U.S.) and the three-bedroom units will sell for $42,000 (U.S.). The Enerdynamic/UCI joint venture currently estimates a net margin of 7.5 per cent to 12 per cent (approximately $2,520 (U.S.) to $4,032 (U.S.) per two-bedroom unit) and will provide future updates as the project progresses. Initial building for this project is scheduled to commence in the second quarter of 2019.
John Gamble, chief executive officer of Enerdynamic, commented: "This project, the largest in the history of the Enertec product line, is the culmination of many months of work with all parties. EHT has been chosen for this project not only because of our superior Enertec system, but also the team of partners that we bring to the table."
About Enerdynamic Hybrid Technologies Corp.