Mr. Mervyn Pinto reports

MINAEAN SP CONSTRUCTION CORP. PROVIDES AN UPDATE ON ITS SOLAR POWER INITIATIVES

Minaean SP Construction Corp. has been pursuing a solar-powered community water supply system project in Uganda and has submitted an expression of interest to the Minister of Local Government for the construction of 2,000 units in the rural areas of Uganda, with a contract value of approximately $70-million (U.S.). The company anticipates receiving a letter of intent for the construction of these units by the end of summer 2025. The company is in negotiations with contractors in France and Germany for financing and execution of the project through their export credit agencies.

If awarded the contract, the company would manage the execution of the project at 10 per cent of the contract value as contract manager in a joint venture with Uganda-based Dhatu Group Ltd. The execution through a joint venture will enable the company to minimize the operational risks and pursue business development of other potential versatile solar projects in Uganda.

The company has already finalized the negotiations with subcontractors in Uganda who have obtained the locations for installation of the solar-power-driven water pumping stations.

Also, the company has been reviewing other opportunities in the solar-powered space, given the global movement toward sustainable investment and development, and the growing importance of decarbonization and climate solutions such as low-carbon technologies.

About Minaean SP Construction Corp.

Minaean SP Construction is a company well known for its pioneering efforts in the manufacture of light gauge steel components for the construction industry and modular metal buildings. The business strategy of the company is being expanded to the pursuit of other industrial opportunities, including the development and execution of solar-power projects.