Business
Croatia Joint Venture Update
Croatia Joint Venture Update.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4424T\n EQTEC PLC\n 24 November 2021\n \n \n \n \n 24 November 2021\n \n \n EQTEC plc\n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Croatia Joint Venture update\n \n \n Beliše Project Financial Close and Karlovac Project first phase funding secured \n \n \n \n \n \n EQTEC plc (AIM: EQT), a world-leading gasification solutions company building the future of a cleaner waste-to-energy industry, is pleased to announce that financial close has been achieved for the Beliše Project (\"Beliše\") and first phase funding for a second project in Karlovač (\"Karlovač\") has been secured. Both projects are being developed by Synergy Projects d.o.o. (\"Synergy Projects\") the Company's Croatian joint venture with local project development partner Sense ESCO d.o.o. (\"Sense ESCO\").\n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n · \n \n \n \n \n Sense ESCO\n \n has subscribed for additional shares in each of the Beliše and KarlovačProject SPVs which has resulted in it owning 51% of the equity in the respective SPVs. Synergy Projects has retained 49% equity in both Project SPVs;\n \n \n \n \n \n \n · \n \n \n \n \n The projects are being funded through a mix of equity, debt and privately placed tradeable bonds;\n \n \n \n \n \n \n · \n \n \n \n \n The funding requirement for Beliše recommissioning is c. € 4.2m of which Sense ESCO will be providing €1.7m while EQTEC will provide the balance, in addition to the €550,000 loan previously provided;\n \n \n \n \n \n \n · \n \n \n \n \n The total funding requirement for Karlovač is forecast to be in the region of €10m. EQTEC and Sense ESCO will initially be providing 25% of the required funding through subscriptions to privately placed tradeable bonds and equity while third party investors and bank debt will be sought to fund the balance;\n \n \n \n \n \n \n · \n \n \n \n \n Full funding required for the technology upgrades and subsequent re-commissioning at the Beliše plant has been secured, in order to upgrade the design and an increase in capacity to 1.5MWe from the original 1.2MWe;\n \n \n \n \n \n \n · \n \n \n \n \n The Company has completed full detailed engineering for the Beliše plant, all main components have been ordered and are expected to be on site during Q4 2021 and Q1 2022;\n \n \n \n \n \n \n · \n \...