According to a recently signed Memorandum of Understanding, the American PHI Group and a Romanian joint venture partner are committed to building a 50-MW gas-fired power plant, a minimum of 10 hectares of greenhouses for organic farming and medicinal plants, and an industrial park together with manufacturing and healthcare facilities in Transylvania, Romania.
PHI Group, Inc., is a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations. They will enter into a definitive agreement to consummate this transaction by the end of January 2018.
The Company intends to finance this project through one of the sub-funds to be set up in Luxembourg during the first quarter of 2018 and may also utilize additional financing from certain European banks. Further details will be disclosed after the signing of the definitive agreement.
Transylvania region is rich in mineral resources, including gold, copper, natural gas, salt, and sulphur. Stock raising, agriculture, wine production and fruit growing are important occupations. Agriculture is widespread in the Transylvania Plateau, including growing cereals, vegetables, viticulture and breeding cattle, sheep, swine, and poultry.
Henry Fahman, Chairman and CEO of PHI Group, Inc., stated: “We are excited to work with our Romanian joint venture partner on these projects and believe the Luxembourg bank fund structure can be a very useful financing mechanism to support these kinds of investments. In addition, we have also received favorable indication of interest from certain European banks.”
Horace Horumba, President of PHI Group Eastern Europe, concurred:” We are pleased to engage in these operations, whereby we can take advantage of the geographical rich land resources in a prosperous partnership process with the local authorities and local businesses communities. Our focus is one hundred percent (100%) renewable energy and green technologies implementation towards our technological production facilities.” Horace added: “We believe wholeheartedly in investing into sustainable green developments which will pay great dividends for the local communities and ensure a prosperous future for our immediate and long term plans.”
Contact:
Henry Fahman
Chairman & CEO
PHI Group, Inc.
+1-702-475-5430