RE: RNS2 Jan 2020 07:15
David Palumbo, CEO of EQTEC, commented:
"We are delighted that together with Phoenix Energy we have now achieved financial close with North Fork. Despite facing challenges outside our control in the financial closing process, both teams worked relentlessly and creatively to achieve financial close by the year end as was required. We see the funding of our first project in the US as an important milestone to attract funding for the rest of the Phoenix project pipeline and we believe the relationship will develop beyond the next four projects which are currently under exclusivity. We believe that there will be many more opportunities in California arising from the need to address the current critical situation facing the state with regards with forestry wood waste. We further believe that our partnership will provide further benefits going forward as we continue to implement our clear growth strategy in converting biomass into clean energy in the US."