Update on Newry Biomass Project

RNS Number : 5188Y

React Energy PLC

27 January 2014

 



Press release

27 January 2014

REACT Energy plc

("REACT" or the "Company")

Ulster Bank confirm availability of funding for Phase Two of Newry Biomass Project

REACT Energy plc (AIM:REAC), the energy infrastructure developer and operator which focuses on the production of clean energy in the UK and Ireland, is pleased to announce that it has received approval from Ulster Bank Ireland Limited for the funding of Phase Two of its joint venture Biomass Gasification project located in Newry, Northern Ireland.

Drawdown of funds can commence once certain conditions are satisfied including the finalising and signing of the various contracts required for the installation of Phase Two of the Project and, if required, the investment of additional equity funding in the joint venture company.

The Company has invested significant time and resources over a twelve month period in testing and optimising the performance of the 2MW Phase One of the Project.  Having completed this work the Company is delighted to receive the approval and support of Ulster Bank to continue the build out of the project to its full capacity of 4MW.

The Company will now begin discussions with the various project parties with a view to concluding the installation contracts for Phase Two as soon as possible.  In conjunction with this, an operational plan for Phase One of the project is being put in place to facilitate the installation of Phase Two.  This plan will include the team continuing to build up and maximise the operational hours of the existing plant throughout the installation period.  

Gerry Madden, CEO of REACT Energy, commented: "The Company is pleased to be moving forward to Phase Two of the Newry Biomass project together with the support of its key funder Ulster Bank."   

- Ends -

For further information:

REACT Energy plc	[phone]
Gerry Madden, CEO
Shore Capital - Nomad & Broker	[phone]
Pascal Keane / Anita Ghanekar
Abchurch Communications - Financial PR	[phone]
Olivia Stuart Taylor / Janine Brewis / Julian Bosdet

About REACT Energy plc

REACT Energy Group is an energy infrastructure portfolio developer and operator whose business strategy is to identify, develop, build, own and operate electricity and heat generation plants in the UK and Ireland using clean technologies.

The Group possesses significant knowledge of energy markets, clean technologies, fuel sources, project development, project finance and project delivery.

REACT Energy plc is listed on the AIM market of the London Stock Exchange (AIM:REAC).

(www.reactenergyplc.com)

 

END

 

 

MSCKMGZMNDGGDZM