EnergyPathways PLC on Thursday announced it has entered into a £5.1 million loan facility with Global Green Asset Financing Ltd.
The Worthing, England-based low-emissions energy company said the facility was for its Marram Energy Storage Hub, or MESH, infrastructure project, a large-scale clean energy storage facility. The loan will support the project through the front end engineering design phase, as it aims to reach a final investment decision by the end of 2025.
Shares in EnergyPathways closed 48% higher at 2.29 pence each in London on Thursday afternoon.
Global Green Asset Financing, or GGAF, is a new Luxembourg-based green project and corporate financing platform for the cleantech and renewable energy sectors.
The facility has a minimum commitment of £2.6 million from the lender, and drawdowns from the loan will be subject to GGAF raising further capital, which is currently underway. Drawdowns will begin in the fourth quarter of 2024 and will be phased in line with EnergyPathways’ plans for its MESH project.
Chief Executive Officer Ben Clube said: ‘To be selected for inclusion in the GGAF investment portfolio validates EnergyPathways as a low-emission energy transition company. The GGAF loan will position EnergyPathways to build on its leading position in the rapidly growing multi-billion pound energy storage sector in the UK. This transaction demonstrates the strong investment appeal of EnergyPathways’ MESH project as a cleantech integrated energy infrastructure solution able to deliver reliable and decarbonised energy supply to the UK and its potential to deliver high yield infrastructure returns to investors over the project’s 20-year life.’
Copyright 2024 Alliance News Ltd. All Rights Reserved.
