BORDEAUX, France, December 20, 2017 /PRNewswire/ --
European Commissioner Carlos Moedas and Ambroise Fayolle, Vice President of the European Investment Bank (EIB), today announced the signature of a letter of intent to provide the CHO TIPER renewable energy project up to 30 million euro of debt financing. The signature of the loan agreement is expected early 2018, pending final review of the due diligence reports and completion of the legal documentation.
The CHO Tiper project represents a total investment of 60 million euro. It will generate close to 300 million euro in revenue over 20 years and will create 65 sustainable jobs in the French city of Thouars in the Nouvelle Aquitaine region.
CHO Tiper is a renewable energy plant with an installed capacity of 11 MWe, fully meeting the objectives of the COP21 and the French energy transition legislation. Thanks to an innovative plasma gasification process, the plant will produce clean electricity from solid recovery fuels (SRF) and forest residues without harmful emissions to the environment. The local plant will generate, yearly, enough electricity to supply 45,000 inhabitants whilst diverting 50,000 tons of non-recyclable waste away from landfill, as well as avoiding 28,000 tons of CO2.
The EIB will execute this transaction through InnovFin EDP (Energy Demonstration Projects), a joint initiative between the Bank and the European Commission which aims at funding innovative projects in the energy transition sector and specifically the commercial deployment of sustainable energy technologies.
The EIB funding will complement those provided by the French environment and energy management agency (Ademe) and by the Regional Council of Nouvelle Aquitaine, respectively committed to this project up to 12 million and 2 million euro.
By supporting the development of a new type of renewable energy plant, the EIB is demonstrating its commitment to innovative projects that meet the challenges of energy transition and can be usefully deployed across Europe.
"Europlasma Group is delighted with this signature which validates the relevance of the CHO Power process in the field of energy transition and of its contribution to the environmental preservation. After the lending's final approval, our group will be able to accelerate the development of this new type of power plants in France and in Europe" says Jean-Eric Petit, Europlasma's CEO.
At the heart of environmental issues, Europlasma designs and develops innovative plasma solutions for renewable energy production and hazardous waste recovery, as well as tailored-made applications for companies wishing to reduce their environmental footprint. Europlasma is listed on Euronext Growth Paris (FR0000044810-ALEUP / LEI 969500WYVNHBV1ABQ250). For more information: www.europlasma.com
The information or statements contained in this press release have to be considered as management's estimates made on the date of their publication. Such information is submitted to risks and uncertainties hardly predictable and generally outside of the Group's scope of action. These risks enclose the risks listed in the Reference Book available on the company's website www.europlasma.com. The group's future performance may therefore slightly vary from the forward-looking information revealed. The Group takes no responsibility for the achievement of these forward looking statements.
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