EQTEC has acquired, subject to final approval, a dormant 6.5 MWe waste-to-energy gasification plant in Villers-sous-Montrond, France.
The plant, once operational, will transform 45,000 tonnes of mixed waste wood and refuse-derived fuel (RDF) to export clean electricity to the national grid.
EQTEC added that it wants the plant to become its market development centre (MDC) for France and showcase its capabilities with variable feedstock, including a mixture of Grade A waste wood, Grade B waste wood and RDF.
The plant, which originally benefitted from €35mln of investment, is being acquired at a nominal value as an estimated €30mln of further investment is required to recommission the plant using EQTEC's technology.
Letters of Intent from institutional infrastructure investors have been received for the project and construction is expected to commence in the first quarter of 2023.
French quarrying group Bonnefoy originally developed the plant on the site, which is near the Franco-Swiss border, but it was never fully commissioned with the previous SPV going bust.
Once operational using EQTEC technology, the plant is expected to generate in excess of €10mln in annual revenues.
David Palumbo, CEO, said: "As expected, France is proving to be a very receptive market for EQTEC technology solutions.
“We earlier this year announced our partnership with SEPS for clean conversion of contaminated plastics into a variety of valuable offtake applications and now we are pleased to announce the France MDC.
“This project is special because it will demonstrate EQTEC's capabilities with mixed feedstock, including waste wood and RDF together.”
Shares in EQTEC eased 1%.