REG - MetalNRG PLC - Bank Refinance of Italy waste to energy plant

MetalnrgAnnouncement

04/09/2023 09:00

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RNS Number : 2038L  MetalNRG PLC  04 September 2023

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.

 

 

 

 

- Ends -

 

 

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

 

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