New Earth Secures Refinancing Package For Avonmouth ERF

10-10-14-AvonmouthNew Earth Solutions Group Ltd has partially re-financed its Avonmouth Energy Recovery Facility (ERF) with a debt facility from Macquarie Bank.

Darren Stockley, Managing Director of New Earth said: “All our six operational plants now include bank finance. For two we used ‘conventional’ project finance through the construction stage, but the others, which include the Avonmouth ERF, we re-financed post commissioning. This means we have been able to build new infrastructure quickly using novel processes through a period of general constriction in the availability of bank debt. We expect now to be able to fund our next development projects for which planning permissions, waste contracts, and land have been lined up.”

The Avonmouth ERF processes up to 120,000 tonnes opt refuse derived fuel per year  from New Earth’s adjacent MBT facility. Its electrical power output is up to 12 MW nett, of which 1 MW is provided under a “private wire” agreement to the MBT.

Mark Scobie, Chief Executive of New Earth and NTGL said: “The ERF passed strict technical and operating tests prior to the refinancing. We believe that this demonstrates the potential of our NEAT pyrolysis and gasification process as a game changer in the waste management and resource recovery space. ”

NTGL reports considerable interest in NEAT technology from the UK and world-wide. Mark Scobie added: “Without pro-active marketing we have built a sizeable potential pipeline of projects including some strong opportunities with funding, contracted feedstock, and consents in place. The scale of projects differs as does the emphasis on potential outputs, which include electricity, heat and products like gas, oil, and char. Our R&D is focussed on smaller but scalable energy projects and there is also strong demand for the Avonmouth sized ERFs that we can now deliver.”

New Earth Solutions has also been shortlisted in the Catalyst Corporate Finance Waste & Resources Fast 50 award, part of the upcoming CIWM Awards 2014. The award recognises the fastest growing companies in the sector over the last few years. It joins the likes of Reconomy, SWR and Hadfield Wood Recyclers in the running for the award, to be revealed on 6 November.

 

Send this to a friend