LONDON (Alliance News) - Nova Resources Ltd Monday noted that Enerstry Co Ltd, a unit of one of its portfolio companies, has entered a joint venture agreement with LG CNS to build and operate a waste-to-energy plant in South Korea.
The energy company investor said the joint venture plans to construct, own and operate the plant with a long-term offtake agreement with one of South Korea's largest dairy producers The JV is in detailed discussions with the offtake partner but there is no certainty that these discussions will be successfully concluded, it said.
Enerstry Korea will have an 80% shareholding in the JV Company and LG CNS will own the remaining 20%.
LG CNS is a global IT services provider with interests in renewable energy and in 2012 generated revenue inexcess of USD3 billion.
Nova has a 23.72% holding in Enerstry Group, which has a 93.33% holding in Enersty Co Ltd.
Nova Resources shares were up 1.2% to 2.10 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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