EnerDynamic Hybrid Technologies (EHT) announces joint venture with a Ghanaian firm, Antebe Abebrese Company Limited (AAC), to build 15,000 ENERTEC homes across 10 regions in Ghana.
The construction is expected to be completed over the next six years.
The Joint Venture
The joint venture is such that Enerdynamic (EHT) will supply its ENERTEC system of material and solar expertise with ACC supplying the design, engineering and construction of the houses.
Again, EHT will own 65 per cent of the JV while ACC will own 35 per cent.
The two firms have completed the site plan for the first phase of the project.
And it will see some 500 homes being built in the Ashanti Regional Capital of Kumasi.
The site has already been approved by the Government of Ghana which will see civil work starting in the next 90 days.
Projected price of the homes
In addition to this, the first 500 homes will include a 2-&3-bedroom ENERTEC housing units with a 2-bedroom unit selling at US$37,300 and a 3-bedroom for US$44,200, when completed.
The JV currently estimates a net margin of 10% (approximately US$3,730 & US$4,420 per each 2-&3-bedroom unit, respectively).
Opportunity for Ghana
The project is part of the Government of Ghana’s initiative aimed at providing Social Green Housing.
This is also at the forefront of the Government’s Housing program, which oversees these priority governmental infrastructure projects.
Anthony Abebrese, CEO of AAC, remarked that the project presents a perfect opportunity for the country to address its housing deficits challenges.
“This JV agreement for Antebe Abebrese Company represents a perfect storm, addressing the Ghana government’s housing deficit with affordable prefabricated modular homes”.
“We are simply taking advantage of Africa being one of the sunniest continents in the world, with 85 percent of African land receiving more than 2,000 kilowatt-hours of solar energy per square meter per year”, he said.
He again, added that the facility will provide access to renewable energy to the country.
“This ensures Ghanaians through this JV will have access to renewable energy, which ticks a few key boxes for us, including ecological and sustainability”.
“The entire world, he further said, is becoming aware that solar is a key answer to the world’s energy needs and society is now leaning towards it with huge expectations.
“Ghanaian citizens have a right to have roofs over their heads and access to electricity. We chose EHT for their superior products over other material suppliers”, he concluded.
John Gamble, CEO of Enerdynamic (EHT), for his part, expressed his delight for the joint venture.
“We have been in discussions over the last months and met with AAC on our last visit to Ghana and are very pleased that AAC has chosen EHT as their partner in this project.
This, he said, “along with our other ongoing Ghanaian projects, clearly shows that our materials and our Ghana initiative is paying off”.