Last checked at 4 Sep 2023 09:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
4 September 2023
MetalNRG plc
(the "Company" or "MetalNRG")
Bank Refinance of Italy waste to energy plant
MetalNRG plc (LON:MNRG), the natural resources and energy investment company, informs the market that EQTEC Italia has agreed a loan facility of €2.9 million (the "Facility") to refinance its Italian waste to energy plant, located in Gallina, near Castiglione d'Orcia, Tuscany, Italy (the "Plant").
The term of the Facility is 48 months, with an annual interest rate of 2.5% over the six-month Euro Interbank Offered Rate (Euribor), which currently makes the interest rate c. 6.5%. It is offered by Banca del Fucino S.p.A., an historic private banking group based in Rome (the "Lender"). The loan is guaranteed up to 80% by MedioCredito Centrale S.p.A., which is controlled by the Italian Ministry of Economy.
Release of funds through the Facility is subject to the Plant's achievement of targeted performance criteria set by the Lender. Supported by EQTEC engineers, EQTEC Italia MDC S.r.l. ("Italia MDC"), the operating company for the Plant, is working through a series of performance improvements to support more productive, sustainable operations. MetalNRG and Italia MDC anticipate that these improvements will be completed in early Q4 2023 and that Italia MDC will be able to drawdown the full facility amount shortly thereafter.
The Plant became operational in March 2023 and EQTEC completed handover protocols and transfer of plant operations to Italia MDC in June 2023. The Company remains actively involved with supporting Italia MDC in its endeavours to drive more productive and continual operations.
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For further information, please contact:
MetalNRG PLC: | ||
Rolf Gerritsen | +44 (0) 207 796 9060 | |
Chris Chadwick | +44 (0) 207 796 9060 | |
Peterhouse Capital Limited - Joint Broker: | ||
Lucy Williams | + 44 (0) 207 469 0930 | |
Duncan Vasey | + 44 (0) 207 469 0930 | |
S I Capital Limited - Joint Broker: | ||
Nick Emerson | +44 (0) 1483 413500 | |