Drawdown of funds is subject to conditions including the finalizing and signing of the various contracts for the installation, and, if required, the investment of additional equity funding in the joint venture company.
Having completed testing and optimising the performance of the 2MW first phase over a period of 12 months, REACT Energy will move forward with another phase for a full capacity of 4MW with the latest approval and support of Ulster Bank.
REACT Energy will initiate dialogue with various parties to conclude the installation contracts for the phase two and draft an operational plan for the first phase to facilitate the installation of the second phase.
REACT Energy CEO Gerry Madden, said: "The Company is pleased to be moving forward to Phase Two of the Newry Biomass project together with the support of its key funder Ulster Bank."
