EQTEC is pleased to confirm that it has entered into a loan facility of €2.9 million (the "Facility") to refinance its Italy Market Development Centre, 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 at the time of announcement makes the interest rate c. 6.5%. The Facility is provided by Banca del Fucino S.p.A. a 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.
Provision of funds through the Facility is subject to the Plant's achievement of certain 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 implementing a series of performance improvements anticipated to be completed in early Q4 2023, at which point, assuming the required performance criteria have been achieved, Italia MDC will draw down the amount of the full Facility.
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.
David Palumbo, CEO of EQTEC, commented:
"The Facility indicates strong support for Italia MDC from a traditional primary lender and represents trust in its shareholders and commitment to supporting new energy infrastructure across Italy. We are committed to supporting Italia MDC with continuous improvements that will ensure the Plant remains a shining example of EQTEC technology in action."
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