LONDON (Alliance News) - React Energy PLC said Monday that it had received approval from Ulster Bank Ireland Ltd for the funding of the second phase of its joint venture biomass gasification project in Newry, Northern Ireland.
The company said it was in discussions with various parties to conclude installation contracts for the second phase as soon as possible. The company is looking to build out the project to a full capacity of four megawatts.
The company said it can commence the draw down of these funds once its has finalised and signed various contracts required for the second phase of the project, as well as the investment of additional equity funding if required.
Shares in React Energy were trading down 7.7% at 30.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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