MetalNRG PLC (LSE:MNRG) has appointed corporate finance boutique AdviCorp PLC to source a £20mln to £40mln debt facility to be used for identified, qualified and "shovel ready" waste to energy projects in Europe.
MetalNRG has a partnership with EQTEC to develop a pre-qualified secured pipeline of waste-to-energy and waste-to-fuels projects.
The first is already under construction in Italy, with the goal of the projects to deliver revenues within 6 to 18 months of funding.
Projects are bracketed either as Tier 1 or that should be revenue-generating by the end of 2022 and require an investment of between £2mln to £10 mln.
Tier 2 projects are slated to start construction between the second and fourth quarters of 2022 and will need between £5-10mln per project with first revenue around 18 months after funding.
Rolf Gerritsen, from MetalNRG, said: "The agreement with AdviCorp strengthens the foundation to our development plan with EQTEC and our business partnership.
“The access to debt will enable MetalNRG to further develop a wider portfolio of waste to energy projects that will give us substantial flexibility.”