React Energy PLC Project Development Loan Facility (2135L)
08 January 2016 - 6:00PM
UK Regulatory
TIDMREAC
RNS Number : 2135L
React Energy PLC
08 January 2016
8 January 2016
REACT Energy plc
("REACT" or the "Company")
Project development loan facility
REACT, the renewable energy developer and operator focusing on
the production of clean energy in the UK and Ireland, announces
that it has secured a EUR750,000 loan facility (the "Facility")
from EBIOSS Energy AD ("EBIOSS").
The Company will use the proceeds from the Facility for the
continuing investment in its portfolio of biomass gasification
projects in the UK.
The key terms of the Facility are as follows:
-- quantum of EUR750,000, which may be drawn down in three equal
monthly instalments of EUR250,000, with the first EUR250,000
expected to be drawn down on 8 January 2016;
-- interest rate of 8% per annum on outstanding capital
balances, which will accrue and be repaid in full on repayment of
the Facility;
-- proceeds from the Facility, which is unsecured, will be used
solely to fund development costs associated with the Company's
identified biomass gasification projects in the UK;
-- drawdown of the Facility will be subject to the agreement of the Company and EBIOSS; and
-- from 7 January 2017, EBIOSS may, at any time, demand that the
Company repays the drawn down proportion of the Facility plus
accrued interest. The Company may, at any time, elect to repay the
Facility plus accrued interest.
The Company also announces that it has granted EQTEC Iberia, a
subsidiary of EBIOSS, exclusivity to provide gasification
technology as part of Engineer Procure and Construct ("EPC")
contracts for its biomass gasification project pipeline in the UK.
As previously announced Newry Biomass Limited, a 50.01% subsidiary
of the Company, has entered into an agreement with EBIOSS to
purchase its EQTEC Integrated Biomass Gasification Power Plant,
which will, subject to securing the necessary financing, be used in
the repowering of the Newry Biomass gasification project.
For further information:
REACT Energy plc
Gerry Madden / Brendan Halpin +353 (0)21 2409 056
Strand Hanson Limited - Nomad
& Broker
James Harris / Richard Tulloch
/ Ritchie Balmer +44 (0)20 7409 3494
About REACT:
REACT Energy plc is committed to operating clean electricity and
heat generation plants in the UK and Ireland. The Company seeks to
identify, build, own and operate renewable projects and possesses
significant knowledge of energy markets, clean technologies, fuel
sources, project development, project finance and project delivery.
REACT currently has four operational clean energy plants generating
revenue from the sale of electricity and heat. The generation of
clean electricity and heat from sustainable sources has the
potential to address the key energy challenges of energy security
and carbon commitment and provide strong returns on capital
employed.
The Company is quoted on AIM and trades as REAC. Further
information on the Company can be found at
www.reactenergyplc.com.
About EBIOSS:
EBIOSS Energy, AD is an industrial engineering group and is
involved in the engineering, construction, project development and
operation of waste-to-synthesis gas plants. It operates at an
international level and owns a state of the art technology and
differential positioning in designing and construction of waste
gasification power plants with power capacity from 500 kW to 10 MW.
EBIOSS has developed its own technology, the EQTEC Gasifier
Technology (EGT) by which different types of waste are transformed
into synthesis gas. This leading technology on waste gasification
has made possible the design construction and/or operation of waste
gasification plants in Spain, France, Germany, India, Italy and
Bulgaria among other countries, for third party international
energy groups and for use by EBIOSS itself.
EBIOSS is quoted on MAB the alternative market of the Spanish
Stock Exchanges and trades as MAB:EBI. Further information on
EBIOSS can be found at www.ebioss.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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