TEL-AVIV, ISRAEL–( – April 25, 2016) – Blackbird International Corporation (OTC PINK: BBRD), through its fully owned affiliate WERPO, a global leader in renewable sea wave energy technology, is pleased to announce a joint venture agreement to construct and operate a power station for the commercial production and distribution of electrical power to customers in Kenya. The first part of the project shall generate a gross income of $10,000,000.
The entire project obtained the official approval from the Ministry of Energy for the establishment of a 100MW power plant on the Kenyan coastline.
The 100MW power plant will be installed along the shores of Kenya, with a production cost of $0.02 per 1KW, while the produced energy will be bought by the local electric company KPLC with a tariff of $0.08 per 1KW.
Blackbird’s totally owned affiliate , WERPO, shall partner with African Financial Consultancy Ltd to initiate the project. WERPO shall be the sole contractor for designing, planning, building and managing the projects. WERPO shall hold 51% of the partnership.
The joint venture partner is responsible to obtain all investment capital while WERPO shall build and operate the power plants.
The Agreement shall be for a period of 25 years after which it may retain control or sell all or part of the structures and operations to the government at market value.
Shmuel Ovadia, director at WERPO and inventor of its proprietary sea wave energy technology, stated, “Kenya is one of WERPO’s strategic locations in which we have established a representative of our technology. Our technology has the potential to supply enough energy for all of Kenya due to the region’s vast expanse of ocean. This is most important since there is a growing demand of energy in Kenya”.