Eco8 Inc. looking to Team-up with the World Bank
Toronto, Ontario (PRWEB) January 12, 2016 -- Eco8 Inc. has formally submitted its Madagascar waste-to-energy project to the World Bank Group (Multilateral Investment Guarantee Agency -MIGA) for official project finance underwriting purposes. This process is expected to take between 3 to 6 months to be completed. Eco8 is currently negotiating a definitive "Bridge Financing" package that would allow the preliminary construction process for the project to commence in the first quarter of 2016. This will ensure that Eco8 Inc. meets its financial and operational obligations under the Power Purchase Agreement (“PPA”) which was executed in June 2015.
While many international companies are looking at what they can take from the resource rich country of Madagascar, Eco8 plans to deliver modern technology to the island nation, with the goal of improving the standard of living for the residents of Madagascar. To demonstrate that commitment, Eco 8 has taken the unique step in promising to re-invest carbon credits from the project back into the country.
Led by Peter Edwards, Eco8 will bring clean, sustainable energy to Madagascar. After spending much time in the nation during the past four years, Peter Edwards, the founder and CEO of Eco8, has committed to working with the government of Madagascar, an international group of private investors, the people of the nation, the Country’s Senior Government Officials, and the Office Of The President. Edwards’ business track record speaks for itself. His expertise has helped develop a unique finance structure for the national project, which focuses on local needs and capacities in this diverse and bio-diverse nation creating a very uniquely structured “Win/Win” for all involved.
ABOUT ECO 8 INC
Eco8 Inc. is a Canadian privately held company focused on the delivery of waste-to-energy projects in third world markets (LDC Countries). Eco8 is currently focused solely on Madagascar. The company builds and operates waste-to-energy facilities in partnership with local governments, providing solutions to local waste and garbage issues, in turn creating much needed energy using state of the art technology. Eco 8 leverages the most highly accredited operating partners available in this space today to ensure the success of its projects.
ABOUT PETER EDWARDS CEO of ECO 8 INC.
In Peter’s words, “At first glance, people only ever saw me as a short, unassuming kid from the wrong side of the tracks. No one ever took the time to dig deeper and that’s something that I vowed I would never do. I would take the time to get past the surface and see what was underneath.”
Years later, this is a big part of why Peter Edwards was attracted to Madagascar. Although the project is 14 thousand kilometers away from his native Toronto, the people of that nation inspired the underdog in Edwards.
While the last year has seen many initial skeptics jump on the “Let There Be Light” bandwagon, the only people that believed in this ambitious project from the beginning were Edwards and his team. He was convinced that the way to do this and ensure success for all of the stakeholders was “not biting off more than you could chew”, but instead doing a “morselized financing approach.” To do that, Peter and his team went to each local community separately and customized a funding structure and energy solution that would work for that part of the country. In the end, many of the initial doubters started to pay real attention to what Eco8 is doing in Madagascar, not only because they’re seeing a successful model for the island nation, but also a model that is better suited for international development worldwide, both now and in the future.
“We approached this from a completely different perspective than most Western companies. They would negotiate a PPA with the government and then go out and get the financing. We took the time to listen to the people at the local level, understood that this was a unique country in that 85% of the country lives in rural communities with diverse needs that require diverse, customized solutions tailored to those needs - i.e. solar, wind, micro-grid, waste to energy ... we will deliver the right solution for the right area.”
For further information:
Alexandra Edwards
aedwards(at)eco8(dot)ca
Alexandra Edwards, ECO 8, http://eco8.ca, +1 (647) 631-3268, [email protected]
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