EQTEC PLC (AIM:EQT) confirmed it holds a 38.3% interest in Market Development Centre (MDC), the Italy-based operating company for a 1MWe biomass-to-power plant.
It comes as MDC advances part of the legal preparation for the drawdown of financing for the plant, provided by Banca del Fucino.
The company also noted details of a €2.9 million loan facility, announced on 4 September, which enabled MDC to achieve certain performance criteria for the larger plant financing facility.
MDC is now implementing a series of performance improvements which are anticipated to be completed in the fourth quarter of 2023, at which point Italia MDC intends to draw down the full amount of the facility, EQTEC noted.
The programmes are being financed through a combination of shareholder loans and equity from two of the four investors in Italia MDC, Quainstone Limited and EQTEC.
EQTEC’s 38.3% is net of these investments.