Italian waste to energy plant bank loan drawdown
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MetalNRG plc (LON:MNRG), the natural resources and energy investment company, is pleased to announce to the market that EQTEC Italia will now drawn down the agreed 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.
The Plant became operational in March 2023 and EQTEC completed handover protocols and transfer of plant operations to Italia MDC in June 2023.
Rolf Gerritsen, Executive Director of MetalNRG, commented:
"I am delighted with the facility draw down and congratulate the EQTEC Italia team on a well done job."
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