EQTEC PLC (AIM:EQT) said the conditional Land Purchase Agreement for the site proposed for the Billingham waste-to-energy plant in North East England has been extended.
Completion of the land purchase must occur on or before 23 December 2022.
The purchase price for the project site remains £8.60mln, although under the revised agreement EQTEC is required to pay a further upfront fee of £250,000 on or before February 24.
An additional payment of £500,000 needs to be paid on or before 30 September, which would take EQTEC’s total upfront payments to £1.01mln. The balance of £7.59mln is payable on completion.
"The Billingham project on Teesside continues to generate strong and varied interest from investors, EPC and technology partners and offtake purchasers, including potential customers for hydrogen or biofuels,” said chief executive David Palumbo.
“Our decision last year to defer this project is already giving us the space to gather together an exciting team and to actively engage a range of potential partners in the area.”
The Billingham plant is estimated to convert 200,000 tonnes of non-recyclable household and commercial waste each year into 25MW of green electricity and 34MW of heat production.
The company previously announced that it had deferred the financial close from 2021 and that it had been actively engaged with Tier 1 EPC companies planning and costing for the front-end engineering design work. This work started on schedule in January 2022, it said today.