RE: Rns15 Jan 2020 14:11
Phoenix project number 2 which has had design work completed and invoiced ie project from last January expected in Q1. Remember self funded!
NAPA Project Highlights
· The Company has been informed that the NAPA Project SPV has decided to relocate the project to an adjacent site to accommodate a larger 2MW capacity power plant, with the planning having already been resubmitted in July;
· Planning permits are expected to be in place in Q1 2020 and construction and installation is intended to start immediately after receipt;
· EQTEC representatives met with the project owners, who are part of a consortium put together by, and including, Phoenix and it was indicated that the project will be financed by the consortium using their own financial resources and it is not expected that external investment will be required to achieve financial close; and
· The Company was also informed that this project is of significant strategic importance for the local government with regard to the elimination of waste as legislation was passed in 2019 banning the disposal of waste wood to landfill.
Phoenix project number 3
Our team can now focus on the next two projects in our pipeline. The second will be self-funded and we have already initiated conversations with our funders for our third Project.