4Energy Invest confirms the implementation of its development plan with the closing of the financing of its biomass fired cogeneration project in Ham (Flanders, Belgium)
Brussels - Hasselt, December 21. 2009. 4Energy Invest, the renewable energy company focused on valorising biomass into energy, announces
today the closing of the financing of its new 9.5 MWe wood biomass fired cogeneration project in Ham in the province of Limburg (Flanders, Belgium).
This 9.5 MWe biomass fired cogeneration project launched by 4Energy Invest corresponds to an investment of 37.9 million Euro. The project will be built and operated by “4HamCogen NV”, a 100%
subsidiary of 4Energy Invest. The project is located on a site adjacent to the Albert Canal and the company Agricon, an industrial barks processor. 4HamCogen will deliver heat to Agricon and will feed its generated green electricity into the local distribution grid. Agricon will supply (from its on-site activities) approximately 50% of the biomass required by the project. The other biomass needs will be secured through the portfolio of suppliers that 4Energy Invest built up over the years.
Start of commercial operation of the cogeneration project is scheduled for the last quarter of 2011.
The project will be financed by
- 6.3 million Euro capital brought by 4Energy Invest (funds raised through its IPO in June 2008),
- 5.0 million Euro subordinated debt provided by the Investment Company LRM and,
- 26.6 million Euro senior debt provided by ING Belgium and KBC Bank.
13 direct full time jobs will be created with the implementation of the project.
Nico Terry, CFO of 4Energy Invest, comments: “The closing of the financing has been a challenge in today’s financial markets but the terms and conditions obtained confirm the quality of the projects
implemented by 4Energy Invest. The launch of the 4HamCogen cogeneration project should secure significant additional growth for 4Energy Invest”.
This press release is made available in English, Dutch and French through our corporate website www.4energyinvest.com
About 4Energy Invest
4Energy Invest is a Belgian based renewable energy company that aims at creating and managing a portfolio of small to midsized locally embedded projects that valorise biomass, directly or indirectly, into energy.
4Energy Invest identifies potential biomass projects, performs a feasibility study and eventually takes responsibility for developing, financing, constructing and operating the project, in close cooperation with carefully selected suppliers and partners.
4Energy Invest (through its fully owned subsidiary Renogen) has two cogeneration projects, located in Amel (Wallonia, Belgium), that are fully operational. 4Energy Invest is finalizing in Amel the construction of a large scale torrefaction unit to produce biocoal or torrified wood pellets with minimum CO2 footprint.
4Energy Invest (through its fully owned subsidiary 4HamCogen) has closed the financing of a 9.5 MWe biomass fired cogeneration project in Ham (Flanders, Belgium).
Exploiting its in-depth biomass expertise, 4Energy Invest presently pursues other cogeneration projects either on a stand alone basis or in combination with other applications that convert biomass into solid fuel (biocoal). In that respect, the cogeneration project in Pontrilas (England, UK) is under an advanced stage of development.
4Energy Invest is listed on Euronext Brussels under symbol ENIN.
Nico Terry, Chief Financial Officer
Tel: +32 (0)2 526 90 13
nico.terry@4energyinvest.com
Yves Crits, Chief Executive Officer
Tel: +32 (0)2 526 90 11
yves.crits@4energyinvest.com
About the Investment Company LRM
LRM is a profit-oriented investor, offering entrepreneurs a unique combination of venture capital and real estate.
Oxygen for growth!
LRM is a generalist, but has developed specific competencies in ICT, Life Sciences and Cleantech. LRM's activities contribute to the economic development and general employment in the province of Limburg. It targets all sectors and companies, from starting companies to growing SMEs and larger businesses.
Access to LRM runs via five domains: ICT & Media, Life Sciences, Cleantech & Energy, SMEs and Large Businesses.
Jeffrey Alenus, Commercial Director
T +32 (0)11 24 68 19
j.alenus@lrm.be