EQTEC PLC making progress on Billingham development plans as exclusivity period is extended
On May 8, 2020, EQTEC entered into a conditional MoU with Scott Bros Enterprises Limited to jointly develop the proposed Billingham Energy waste gasification and power plant in Haverton Hill, Billingham, UK
The MoU was announced in May and committed EQTEC and Scott Bros Enterprises to jointly develop the Billingham Energy waste gasification and power plant in Haverton Hill, Billingham, in the UK.
The Billingham MOU has been the subject of previous extensions on three previous occasions.
Regarding the development of the project, EQTEC said it has, among other things, had discussions with potential co-developers and funders; obtained a full quotation for the grid connection from the grid operator, Northern Powergrid; and completed technical due diligence with insurance providers.
The extension of the exclusivity period should give time to finalise the execution of a legally binding option agreement with Scott Bros which, if agreed, will grant EQTEC and its partners the right, but not the obligation, to purchase the entire issued share capital of Billingham EFW Limited, the project’s special purpose vehicle, from Scott Bros, subject to agreement on consideration and other terms.
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