LONDON (Alliance News) - REACT Energy PLC Tuesday said it has raised GBP1.5 million through the issuance of a secured loan note to fund its ongoing development plans.
The renewable energy producer in the UK said private clients from Origen Capital subscribed for the loan note, which has been issued at a fixed rate of 9% per year for a one-year term.
The company also said that a revised term sheet for its Enfield Biomass project is expected to be signed shortly, with financial close expected up to three months later, while a decision on the technology provider for phase 2 development at its Newry Biomass project is expected in the coming weeks.
REACT said construction of the Old Buckenham Hall School biomass energy system, its third biomass heat generation project to be put into operation, has started and it expects heat to start being supplied into the system within three months.
It added that the planning process for its 12.5 megawatt Altilow Windfarm project in Ireland continues and has been referred to the Irish Planning Authority for a final decision, while planning approval has already been received for its 500 kilowatt Tullagubbaan single wind turbine project.
REACT Energy shares were up 1.1% to 19.72 pence on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
