Business
Acquisition and recommissioning of Croatia plant
Acquisition and recommissioning of Croatia plant.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2128I\n EQTEC PLC\n 11 August 2021\n \n \n \n \n 11 August 2021\n \n \n EQTEC plc\n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n Acquisition and planned recommissioning of waste-to-energy plant powered by EQTEC in Croatia\n \n \n \n \n \n EQTEC plc (AIM: EQT), \n a world-leading gasification solutions company building a cleaner waste-to-energy industry\n , is pleased to announce\n \n the completed acquisition of a 1.2 MWe waste-to-energy gasification plant in \n Beliše,\n \n Croatia (the \"Plant\"), through \n Synergy Projects d.o.o. (\"Synergy Projects\"), a joint venture (the \"JV\") between the Company and its Croatian\n project development partner Sense ESCO d.o.o. (\"Sense ESCO\").\n \n \n \n \n \n Originally commissioned in 2016, the Plant was built around EQTEC's proprietary and patented Advanced Gasification Technology. The Plant will be recommissioned and repowered to convert \n forestry wood waste from local farms and forests into green electricity and heat for use in the local community.\n \n \n \n \n \n Once operational, it is expected that EQTEC will become the Plant's O&M contractor and that the Company will make it the second of its Market Development Centres (\"MDCs\") and a showcase for EQTEC's technology in a fully operational, commercial setting. The Company's first MDC, in Tuscany, Italy, was announced earlier this year.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n \n \n \n · \n \n \n \n \n The JV has signed a Share Purchase Agreement (the \"Agreement\") for the acquisition and funding of the project Special Purpose Vehicle (\"SPV\");\n \n \n \n \n \n \n · \n \n \n \n \n Once the optimal financing structure is secured for the Plant, the Company will make further announcements and local EPC contractors will be vetted and chosen;\n \n \n \n \n \n \n · \n \n \n \n \n Active discussions with investors are currently underway, toward financial close in the coming months;\n \n \n \n \n \n \n · \n \n \n \n \n In the second half of 2021, a grid connection application will be made for the Plant in Beliše;\n \n \n \n \n \n \n · \n \n \n \n \n The Plant is expected to be updated, recommissioned and repowered for operations towards the end of 2022;\n \n \n \n \n \n \n · \n \n \n \n \n The Plant is expected to produce approximately...