EQTEC PLC (AIM:EQT) (AIM:EQT) said it has completed the acquisition of a 1.2 MWe waste-to-energy gasification plant in Beliše, Croatia.
The deal was carried out through Synergy Projects, a joint venture between the gasification solutions company and its Croatian project development partner Sense ESCO.
WATCH: EQTEC says latest update is focused on 'execution and progressive opportunities in our pipeline'
Originally commissioned in 2016, the plant was built around EQTEC's proprietary and patented Advanced Gasification Technology.
It will be recommissioned and repowered to convert forestry wood waste from local farms and forests into green electricity and heat for use in the local community, with operations starting towards the end of 2022.
EQTEC said the project will generate annual underlying earnings (EBITDA) of over €850,000.
Once operational, it is expected that EQTEC will become the plant's O&M contractor and that it will make it the second of its Market Development Centres (MDCs) and a showcase for EQTEC's technology in a fully operational, commercial setting.
The AIM-listed firm's first MDC, in Tuscany, Italy, was announced earlier this year.
"EQTEC's joint venture with such a capable and dependable partner as Sense ESCO provides the perfect platform for our re-entry into Croatia, re-introducing our Advanced Gasification Technology to sustainably transform biomass waste into energy for local communities,” said EQTEC chief executive David Palumbo.
“The plant in Beliše, which will also be a Market Development Centre, is the next of several EU waste-to-value facilities we are developing to integrate our leading-edge technology and overseeing through commissioning into live operations."
Shares rose 6% to 1.38p on Wednesday morning.