EQTEC PLC Update on Newry Biomass Project (3626K)
July 06 2017 - 8:52AM
UK Regulatory
TIDMEQT
RNS Number : 3626K
EQTEC PLC
06 July 2017
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
6 July 2017
EQTEC PLC
("EQTEC", "Company" or the "Group")
Update on Newry Biomass Project
EQTEC PLC (AIM: EQT), the energy infrastructure developer
focused on the production of clean energy in the UK and Ireland,
provides the following update on its Newry Biomass project, which
is owned by its 50.01% subsidiary Newry Biomass Limited
("NBL").
Further to the Interim Results announced on 27 March 2017, the
Company continues to work towards exporting electricity to the grid
by the revised deadline of 31 March 2018 ("deadline") agreed with
Ofgem. EQTEC remains in regular dialogue with the local authority
to confirm its application for a planning amendment following the
decision made to repower the project using EBIOSS Energy SE's
("EBIOSS") gasification technology.
EQTEC continues to provide the local authority with information
in relation to the planning amendment and the Company hopes to
successfully conclude this process in the near term, so that it is
able to can commence the necessary Civil, Electrical and Mechanical
works in order to meet the deadline of 31 March 2018.
However, should there be a continued delay in receiving the
amended planning permission, it is likely that the Company will not
be able to meet the 31 March 2018 deadline for the repowering of
the project. As a result, the Company has started to consider
contingency plans for the project.
The contingency plans take into account the Company's revised
business strategy, as set out in the Interim Results, to focus on
taking advantage of the significant opportunities in the Energy
from Waste sector using, among other things, Refuse Derived Fuel
("RDF"). The contingency plans being considered include the
possibility of converting the plant from using wood biomass to RDF.
The Company would, in this event, seek to monetise the value of
equipment already on site through the sale of this equipment to
other projects the Company is seeking to develop together with its
major shareholder EBIOSS.
Gerry Madden, Chief Executive Officer of EQTEC commented: "The
local authority is being constructive in their comments and we
remain in regular dialogue with them. However, we are disappointed
at the length of time it is taking to assess our application for a
planning amendment which was based on a previously approved
permission. Nevertheless, we have a credible alternative that
should generate future revenues for the Company. We look forward to
providing further updates in due course."
+353 (0)21 2409
EQTEC PLC 056
Gerry Madden / Brendan Halpin
Strand Hanson Limited - Nomad +44 (0)20 7409 3494
James Harris / Richard Tulloch
/ Ritchie Balmer
VSA Capital Limited - Joint
Broker +44 (0)20 3005 5000
Andrew Monk / Andrew Raca
SVS Securities Plc - Joint +44 (0) 20 3700
Broker 0093
Tom Curran / Ben Tadd
+44 (0) 20 7618
Luther Pendragon 9100
Harry Chathli / Ana Ribeiro
/ Alexis Gore
This information is provided by RNS
The company news service from the London Stock Exchange
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