EQTEC plc, a world-leading gasification solutions company building a cleaner waste-to-energy industry, is pleased to announce that it has established EQTEC Synergy Projects Limited (Synergy), a joint venture (JV) between EQTEC and its Greek strategic partners, German EPC company, ewerGy GmbH (ewerGy) (operating in Greece via its local partner, ECO Hellas M IKE). The JV has also signed an agreement for the proposed acquisition of a 1 MWe waste-to-energy gasification project in Livadia, Greece and exclusivity for a second 1 MWe project nearby.
EQTEC plc is the majority shareholder in the JV which will be capitalised by both partners. The main purpose of the entity is to source, qualify and develop projects by providing advisory and development services to projects in the region. The local partners, ewerGy and ECO Hellas, will provide a Managing Director and local relationships to resource the generated pipeline and drive projects to financial close. Project SPVs will be established for each qualified project opportunity. The JV will be the majority shareholder of each project SPV.
The formation of the JV in Greece follows a similar structure which the company announced in July 2021, in which EQTEC established Synergy Projects d.o.o. (Synergy d.o.o.), a JV between EQTEC and its Croatian project development partner Sense ESCO d.o.o. (Sense ESCO). The JV in Croatia has since completed the acquisition of two projects in Croatia, including a second EQTEC Market Development Centre through recommissioning of a 1.2 MWe plant in Belišce, which has existing EQTEC Advanced Gasification Technology inside, announced on 11 August 2021, and the acquisition of a 1.2 MWe plant in Karlovac, announced on 14 September 2021.
Completion of the acquisition of the project is subject to entering into a Project Purchase Agreement, customary for this type of transaction.
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