Southern California Valve, Inc. (“SCV”), a leading supplier of valves and other specialty heavy machinery to the oil and gas industries and utility companies (http://www.scvvalve.com/find-us.html), has engaged MGF (an affiliate of Minerva) to arrange for the employment of two 755 MW General Electric steam turbine-generator sets (the “Turbines”) in a proposed electric generating station in West Africa (the “West Africa Power Station”).

The two Turbines were acquired by SCV from a client, Southern California Edison Company, one of the largest electric utilities in the country (http://www.sce.com), which developed and operated the Mohave Generating Station in Clark County, Nevada, where the two Turbines were in operation. With the decommissioning of the Mohave Generating Station, the Turbines were disassembled and are presently in storage, awaiting return to service.

Working with ambassadorial level officials from the Republic of Guinea-Bissau, MGF has proposed a plan for development and funding of the West Africa Power Station. The turnkey plan would involve participation from the republics of Ivory Coast and Ghana, which may provide the natural gas fuel for the Power Station. The Central Bank of West Africa, of which Ivory Coast is a member nation, may also play a role in the financing structure, by providing an endorsement of payments by the participating countries pursuant to a long-term power purchase agreement.

The West Africa Power Station may ultimately cost more than US$3.5 billion. MGF’s plan provided for the syndication of the required funds by issuing medium-term notes in the capital markets, and delivering the note proceeds for employment in MGF’s proprietary Secured Sinking Fund Structure, which is supported by MGF’s underlying bankable assets and financial engineering operations.

Included below are a number of photographs taken during a due diligence inspection of the Turbines at the warehouses where they are stored near Phoenix, Arizona.