17th May 2021 12:20
EQTEC PLC - Cork, Ireland-based gasification technology company for sustainable waste-to-energy project - Announces the acquisition and planned recommissioning of a waste-to-energy plant in Italy with one million watts of electric capacity.
EQTEC will lead a consortium to repower, own and operate the biomass-to-energy plant in Castiglione d'Orcia, Tuscany. It is intended the plant will transform straw and forestry wood waste from local farms and forests into green electricity and heat. The plant is due to be fully operational by 2022.
EQTEC will lead a consortium with three other partners including MetalNRG PLC, which will participate in a Special Purpose Vehicle, investing an aggregate EUR2.1 million for an initial 80% equity interest. EQTEC will hold the remaining 20% equity in the SPV. The plant is estimated to generate annual earnings before interest, tax, depreciation and amortisation in excess of EUR750,000, EQTEC says.
"I am very pleased that EQTEC will lead the effort with our partners to re-commission and revive this biomass-to-energy plant in Italy, providing power and heat to the area and demonstrating sustainable, commercial success with EQTEC advanced gasification," comments Chief Executive David Palumbo.
"Additionally, I am delighted to see us secure this with a well-balanced consortium of experienced partners and this is an approach we hope can be achieved for other projects in our pipeline."
EQTEC says it is planning the acquisition of a similar facility in Croatia.
Current stock price: 1.64 pence, down 0.9%
Year-to-date change: down 37%
By Will Paige; [email protected]
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