Business
Bank loan term sheet and Livadia project update
Bank loan term sheet and Livadia project update.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n \n \n 21 June 2022\n \n \n \n EQTEC plc\n \n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n Bank loan term sheet and eligibility for National Recovery and Resilience Plan \n \n \n \n \n for Livadia, Greece project\n \n \n \n \n \n \n EQTEC plc (AIM: EQT),\n a world-leading technology innovation company enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production\n ,\n is pleased to announce receipt and acceptance of non-binding Heads of Terms (\"HoTs\") with Optima Bank S.A. (\"Optima\") for a debt facility (the \"Facility\") to support construction of a 1MWe waste-to-energy project at Livadia, in\n Boeotia,\n Greece (\n the \"Project\")\n .\n \n \n \n \n \n \n Heads of terms\n \n \n \n \n \n \n The Facility proposed in the HoTs would provide senior debt up to 75% LTV of the total capital required for the Project.\n \n \n \n \n \n The HoTs were agreed between Optima and EQTEC Synergy Projects Limited (\"Synergy Projects\"), the Company's joint venture (\"JV\") with ewerGy GmbH (\"ewerGy\") and ECO Hellas M IKE (\"ECO Hellas\"), subject to Optima final credit approval. The balance of capital on the Project is currently held as equity by Synergy Projects, but the JV partners are in discussions with institutional funds focused on energy transition infrastructure, for the sale of project equity on Livadia and other projects in the broader portfolio they are jointly pursuing under the JV.\n \n \n \n \n \n The Project, originally announced by the Company in September 2021, will result in construction of a waste-to-energy gasification plant in Livadia, Boeotia, Greece (the \"Plant\") that, once operational, is expected to produce a minimum of 1MW green electricity from c. 7,500 tonnes of mixed agricultural waste from local farms.\n \n \n \n \n \n Toward full contract of the loan, Optima has selected TÜV HELLAS, a subsidiary of\n TÜV NORD (\"TÜV\"),\n to certify the Project and act as independent engineer. \n In its role, TÜV will assess the viability of the Project based on the site and plan, the development strategy, the technology and delivery risks. The work required for the execution of the loan is expected to be completed at the end of Q3 2022.\n \n \n \n \n \n \n Addi...