Press Release 02.09.2020: Fincovi advises EQTEC plc (AIM:EQT) on sales of Pluckanes Windfarm to BVP.
20.092020 Dublin, Ireland – Fincovi, an Irish financial services and advisory specialist in the renewable energy industry has successfully advised EQTEC, a world-leading gasification technology solutions company for waste to energy projects, on its sale of Pluckanes Windfarm Limited to BVP (BVP 2019 Finance Company), a leading clean tech investor in numerous sustainable Irish companies including UFO Drive, Buymie, BleeperBike and Urban Volt.
“EQTEC’s proprietary advanced gasification technology reduces harmful greenhouse gas emissions and other harmful environmental impacts through the elimination of waste by converting it into high value energy, hydrogen and biofuels to meet the growing demand for clean energy. The sale of Pluckanes Windfarm frees up resources for us to focus an even greater amount of time on tackling this high growth global opportunity including our recently announced partnership with the Irish based Carbon Sole, the Bioenergy park development group, for projects in Ireland” says Gerry Madden, Cork native and Director of EQTEC.
Pluckanes Wind Farm is located near Donoughmore, Co. Cork and was commissioned in 2013 under the renewable energy feed in traffic scheme (REFIT). Unlike the recent RESS auction for new renewable energy projects yet to be built, Pluckanes will enjoy an indexed upwards only revenue under REFIT for 15 years from commissioning.
“We’re delighted to have advised EQTEC on the sale of their windfarm. It’s our third sale this year. Our advisory practice has seen a significant upswing in the industry of late with the RESS offers now in the market. It looks like we will have a busy 12 months ahead of us and we’ve been lucky that despite the impact of Covid-19 we have been able to grow the team, increasing our capacity and capability in the renewable energy sector” says Damian Malone, Head of Advisory Services for Fincovi.
RESS, or the Renewable Energy Support Scheme, is an auction-based system to set us on the right trajectory to achieve the 70% renewable electricity target by 2030, set out in the Programme for Government and the Climate Action Plan. The recent auction accounted for approximately 10% of the amount required to meet the 2030 targets. The provisional winners were 63 solar farms and 19 onshore wind farms with the successful projects must be exporting power by 31 December 202. So the rush to get finance in place and construction going is on.
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Today leading asset managers in Europe use Fincovi to manage their commercial asset management and consolidate their financial statements into one place. Asset owners and buyers trust fincovi to value, sell and acquire assets on their behalf.
About EQTEC plc
EQTEC is a gasification technology partner with proven proprietary patented technology for cost effective waste-to-value applications.
EQTEC designs and supplies advanced gasification solutions that have a higher efficiency product offering and are modular and scalable from 1MW to 25MW. EQTEC's solutions are independently proven to process over 50 different types of feedstock, including municipal waste, agricultural waste, biomass and plastics. EQTEC's solutions produce a uniquely pure high-quality synthesis gas (syngas), that is capable of being used for the widest applications in the creation of energy, hydrogen and biofuels.
Proprietary technology design together with deployment and maintenance capabilities mitigate the risks when using third party equipment. EQTEC's Technology Integration capabilities enable the Group to lead collaborative ecosystems that build sustainable, waste elimination and green energy infrastructure.