Funding news09 Mar 2022 07:14
METALNRG plc
("MetalNRG" or the "Company")
EXCLUSIVE AGREEMENT TO SOURCE DEBT FOR WASTE TO ENERGY PROJECTS
MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, is pleased to announce that it has agreed an exclusive remit for AdviCorp PLC to source a £20 million to £40 million debt facility to be invested on a project by project basis in identified, qualified and "shovel ready" waste to energy projects in Europe.
Following MetalNRG and EQTEC plc (AIM: EQT) entering into a Business Development Partnership (as previously announced on 22 March 2021) extensive work has been completed by the partnership to secure exclusivity and develop a pre-qualified secured pipeline of waste-to-energy and waste-to-fuels projects. These projects are expected to deliver revenues within 6 to 18 months of funding. The first project is already under construction in Italy.
The focus of our pipeline development has been on identifying and securing a number of mature projects that can deliver rapid revenue generation and meet the requirements for debt investment. The partnership has developed a 2-tier pipeline of projects along the following qualifications:
Tier 1:
Projects that have successfully achieved financial close, to be revenue generating by the end of 2022, with a typical investment of between £2 million to £10 million, delivering an unleveraged IRR of between 12% to 16% with all the requirements for debt financing in place.