To date, iRCB has 10 megawatts (MW) in standing orders, which are linked to a signed 20-year lease agreement for delivery beginning in Q12021 in Morocco. The project has a projected IRR (internal rate of return) of > 30%. An additional 1,282 qualified sites for energy plants exist in the rest of Morocco. Veritas has a long-term lease agreement with an operator with a PPA (power purchase agreement) underwritten by Morocco’s electricity and water utility company.
Additionally, the company has a Memorandum of Understanding (MOU) with an international food production NGO in Africa, to provide it with RaCBio plants that will convert more than 20 million tons of biomass per year producing around 3GW of energy continuously.
These projects will be rolled out and implemented in 28 African countries in the next five years. It is our intention to set-up a manufacturing plant in Botswana to produce and assemble these units. Key companies will be supplied from renowned international suppliers from Europe and the United States. The total scope of the project converts into a total of 250,000 RaCBio units that need to be manufactured and supplied to end users in the next 10 years.
The supplies and installation of these biogas generators RaCBio will stimulate the economy of these countries by creating more than 750,000 sustainable jobs and providing access to clean energy and electricity to more than 60,000,000 people throughout these countries over the next 10 years of the project.
Negotiations with a leading U.S. fuel cell technology and equipment company to form a strategic alliance to roll-out a biogas to electricity solution is progressing well – change to are progressing well.
A further opportunity is to offer the plants to a multinational U.S. petroleum company that needs to achieve Carbon Index reduction. This can be done via RNG in order to book and claim opportunities for producing clean biogas from biomass throughout the United States.
We are extremely excited about these prospects and improving millions of peoples’ quality of living!