Business
New project funding agreement
New project funding agreement.
About this update from Eenergy Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 3405V\n eEnergy Group PLC\n 06 August 2020\n \n \n \n \n 6 August 2020\n \n \n eEnergy Group plc\n \n \n (\"eEnergy\" or \"the Group\")\n \n \n \n \n \n New €15 million Irish project funding agreement with SUSI Partners\n \n \n \n \n \n eEnergy Group plc (AIM: EAAS), a leading \"Energy Efficiency-as-a-Service\" (EEaaS) business in the UK and Ireland, is pleased to announce a major agreement with a new project funding partner, SUSI Partners AG (\"SUSI\"). \n \n \n \n \n \n Under the agreement, SUSI, via its Energy Efficiency Fund II, has provided a dedicated funding facility (\"The Facility\") to the Group of up to €15 million.\n \n \n \n \n \n The terms of the Facility provide for SUSI to purchase the future receivables arising from new Light-as-a-Service (\"LaaS\") projects in the Republic of Ireland across the education sector, other public bodies and a range of commercial sectors. The payments by the client are always funded by the customers' energy savings. The Facility will cover new projects installed for the next three years or until the Facility has been fully utilised, whichever is earlier. \n \n \n \n \n \n Given the opportunities perceived in the Irish and UK markets, the Group is working with SUSI to develop this agreement into a longer-term funding partnership, beyond the current committed Facility size and with the potential to fund LaaS projects in the UK.\n \n \n \n \n \n This new funding structure provides the Group with a significantly enhanced competitive advantage, relative to the previous funding arrangements. The Facility provides the Group's Irish business with greater flexibility to deploy capital, extend the length of contracts offered to customers and improves the economics for the Group. \n \n \n \n \n \n The Group will have control over the implementation and management of contracts and retain an economic interest over the life of each contract, thereby improving returns. \n \n \n \n \n \n \n Harvey Sinclair, CEO of eEnergy, commented:\n \n \n \"Today's agreement will underpin our market-leading proposition in Ireland. The funding will allow us to grow revenues as we take on significantly more projects over the next three years to meet the increasing demand from schools and businesses. Post COVID-19, organisations are focused ...