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For what it's worth, Munich RE have been named in a presentation slide as one of EQTEC's (current or prospective) 'finance' partners but I'm not sure in exactly what capacity that is...
2. Performance warranties on the first 6-24 months of plant operations (continued)
Should the customer demand it, performance warranties can be extended beyond 2 years, and insurance cover for this can also be extended. Premiums for performance insurance after 2 years of operation fall sharply, if there has been no breach of performance benchmarks during the previous period.
3. Liquidated damages / delays (can be covered by insurance)
Liquidated damages and delays to construction and commissioning of plants can be covered by insurance."
Welcome 30silver!
Regarding the insurance mentioned previously by Trytrytryagain, fyi I've copied below some details taken from Arden's initiating coverage report, June 2020. Arden were EQTEC's broker at the time. Don't know who the insurer is though....
"Due to the commercial nature of its technology and the highly reliable operating history of its plants, EQTEC is able to offer its customers warranties on the performance of its gasification technology and an international insurance underwriter will insure these warranties.
This has material significance in providing customers with confidence around the soundness of its technology and increases accessibility and ease of securing financing from lending institutions or other providers of energy infrastructure investment.
EQTEC typically offers its customers the following warranties:
1. Commissioning Performance Test
Following the completion of construction, a plant undergoes a cold and hot commissioning process, prior to handover to the customer. A 48-hour performance test is carried out to an international set of standards. If for any reason the performance test fails to meet the necessary prescribed operating performance (for example, due to a fault with one of the equipment modules or the failure to meet a specification for plant availability, syngas composition or syngas purity), EQTEC offersto replace any parts or to adjust the system up to 15% of the total capex value of the plant. With insurance, 90% of the value of the plant is covered in the event of a failure of a commissioning performance test.
As a matter of fact, EQTEC’s equipment has never failed a commissioning performance test - but such warranties and insurance provide a high level of comfort to customers and partiers engaged in financing the plants.
The insurance premium costs the equivalent of approximately 5% of the capex of the plant. 10% is deductible and insurance covers 90% of the capex value.
2. Performance warranties on the first 6-24 months of plant operations
EQTEC offers performance warranties on between 6 to 24 months of operations following commissioning, depending on a customer’s demands. Such performance guarantees are also important to parties engaged in the funding of plants.
Performance benchmarks are based on projections of a project’s financial model, and include attributes such as kilowatt hours of electricity and heat generation (which is determined by syngas output and purity), system availability and ultimately the revenue generated by the operation of the plant.
Insurance covers revenues generated from the plant and its ability to meet debt service ratios of the lender(s) that financed the plant. Debt service ratios commonly require the plant to always generate above 80% of forecasted benchmark revenues.
Thanks for your insight, yawn.
Southport is still a live project Simms.....
Likely a prudent decision foxy, given the current financial situation. Better to take the £2M now rather than wait forever for £4M from an expensive and protracted court case.
A bit of friendly advice C909, when you're in a hole, stop digging!
"North fork has been being commissioned for the last decade"
Really C909!?
The project only reached financial close in 2020 with construction commencing soon after, so not sure where you get the decade from? EQTEC signed the equipment supply contract twelve months before that....
A genuine oversight on your part I'm sure, as I know what a stickler for the truth you are.......
You're welcome!
North Fork CDC have only included a bare minimum of info about the plant in their monthly meeting minutes since their (long deleted) minutes almost three years ago which EQTEC had to issue an RNS to clarify.
Most recent info and updates have come from Phoenix themselves on Linkedin,
Post from Loni Austin, Phoenix Energy's VP of Product five days ago....
".......With North Fork Community Power ⚡ 💡 commissioning in the next month or so, it will be great to realize some of the important work we have been doing at Phoenix Energy....."
https://www.linkedin.com/posts/phoenix-energy-1_coming-to-you-live-from-our-very-own-vp-of-activity-7188769750674563073-nCdl
What's really unfathomable, NoOneKnows, is why certain posters, who claim to be invested, spend an inordinate amount of their lives posting endless, repetitive drivel on this board.
Simms, from the annual report, page 88, (thanks to Neil Olofsson in the T'gram group)
"As part of the agreed terms, it was specified that the Group will remain as an equity shareholder in NFCP with the final shareholding being determined during the legal process post 31 December 2022 as 28.52%."
The Irish Planning Appeals body, An Bord Pleanála, have finally (after 2 1/2 Years) reached a decision regarding the appeal against the decision to grant permission for Carbon Sole's Bioenergy Park in Stonehall, Shannon, County Clare....
The decision is to,
"GRANT permission for the above proposed development in accordance with the said plans and particulars based on the reasons and considerations under and subject to the conditions set out below."
For those too young to remember the project, here's a video presented by Carbon Sole CEO, Sean Daly
https://youtu.be/ABkqMqxpyZw?si=B-SqOZdWOYe5d5of
A warehouse full....really? You are funny C909 :-)
One man's 'vast quantities of Biochar' is another man's 'enough biochar to fill a truck for economic shipping'
Oh dear, they can't seem to do anything right, can they C909. Why don't they just put each bag of biochar on a truck and ship it to the customer as soon as it comes out of the gasifier....what twits they are!
I wouldn't expect to hear anything regarding commissioning/start up from the Agrigas plant in Larissa for a few months yet Simms. It was a victim of the September floods in Greece.
See article with photos below.
https://www-onlarissa-gr.translate.goog/2023/09/20/megales-zimies-stis-egkatastaseis-tis-agrigas-sti-larisa-epistoli-tis-etaireias-episimainei-kindynous/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp
According to the Agrigas CEO in September, it was going to take 8 months to sort out.....
Courtesy of NW Investor on t'gram,
"Excited to continue our decade long collaboration with the Napa Recycling & Waste Services (NRWS). Phoenix Energy has just been chosen via an extensive RFP process to help the City of Napa sequester around 6,000 MTCO2e annually by building and operating an advanced gasification plant on the NRWS site. NRWS is the largest producer of compost in Napa Valley and instead of their compost oversized materials and other organics rotting and releasing greenhouse gases at the landfill, Phoenix Energy will do what it does best with woody material and turn it into something useful...in this case renewable energy and biochar. Which goes where? Right back into NRWS compost and Napa agriculture! How’s that for circular? Looking forward to developing this project in 2024!"
https://www.linkedin.com/posts/phoenix-energy-1_napacounty-napavalley-renewableenergy-activity-7141512207447625729-dbIv?utm_source=share&utm_medium=member_android
Facebook post from Supervisor Bobby Macauley, who visited North Fork on 23nd Nov, with photos,
https://www.facebook.com/100064155490317/posts/this-afternoon-i-was-able-to-stop-by-the-north-fork-cdc-and-check-out-the-progre/742675324547644/
A reminder that district heating is a part of Carbon Sole's planned developments with EQTEC in Ireland.
Having said that, planning permission was refused for the Sligo development (related to the site being a former landfill and remediation work required) and the one at Shannon has been waiting for over two years for an appeal decision from the Irish Planning Authority, An Bord Pleanála.
Link to a video explaing the Shannon development, with district heating for the nearby industrial park discussed from around 6:12.
https://youtu.be/ABkqMqxpyZw?si=dZVwdVO9vW4khuD7