Delorean makes FID on $43.7M Horsley Park Bioenergy subject to funding
In Australia, Delorean Corporation Ltd has reached a positive Final Investment Decision, subject to sourcing A$31.6m final funding, to progress the landmark A$62.1m NSW1 Horsley Park project co-developed to date with Brickworks Building Products Pty Ltd. To assist with the construction of the project, the NSW Government has awarded Delorean via Horsley Park Bioenergy Pty Ltd a A$20m grant under its A$480m Net Zero Manufacturing Initiative and the Australian Renewable Energy Agency (“ARENA”) has awarded a A$10.5m grant under the National Industrial Transformation Program. Both Grants will provide a direct contribution of capital towards the $62.1m construction of the project.
Delorean’s FID, and both of the grants are subject to Delorean sourcing the balance of construction funding of A$31.6m for the NSW1 project. Delorean presently proposes to fill this capital requirement through a mixture of debt and through the issue of new equity in the Company.
Category: Fuels
