Capital/Financing Update • Jan 3, 2011
Capital/Financing Update
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The changes to the credit contracts include a postponement of the start of redemption of the lease facility structured for the Amel torrefaction project ("Amel III") till June 30th 2011 and the structuring of an additional working capital facility at Amel Bio level for 300,000 Euro to fund the increase in biomass inventory related to Amel III. The changes also include a softening of the covenants of Renogen for the years 2011 and beyond. 4Energy Invest also obtained a waiver from KBC Bank for the breach by Renogen of its agreed debt service coverage ratio over the year 2010.
4Energy Invest has synchronised all parts of the innovative process of producing Biocoal at industrial scale. "By achieving this, 4Energy Invest has reached a milestone never reached before on a worldwide basis" says Yves Crits, CEO of 4Energy Invest. After taking over the construction of Amel III in June 2010, 4Energy Invest has recently been able to produce Biocoal from wood chips under a continuous process at industrial scale. The priority now is to fine-tune the installation based on the experiences gained during the last two months of tests (in very extreme weather conditions) in order to enhance the reliability and safe running of the installation. Once the adjustments are finalized, 4Energy Invest expects to start the commercial production of Biocoal for its customers. 4Energy Invest expects to gradually ramp up its Biocoal production to reach the contemplated design capacity for Amel III over the year 2011.
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 valorize 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.
Brussels - 3 January 2011 – 20.00 CET
Regulated Information
4Energy Invest (through its fully owned subsidiary Renogen) has two cogeneration projects, located in Amel (Wallonia, Belgium), that are fully operational.
4Energy Invest (through its fully owned subsidiary Renogen) is about to finalize in Amel (Wallonia, Belgium) the construction of a large scale torrefaction unit to produce BioCoal or torrefied wood pellets with minimum CO2 footprint.
4Energy Invest (through its fully owned subsidiary 4HamCogen) is constructing a 9.5 MW biomass fired cogeneration project in Ham (Flanders, Belgium)
Exploiting its in-depth biomass expertise, 4Energy Invest presently pursues other similar cogeneration projects either on a stand alone basis or in combination with other applications that convert biomass into solid fuel (BioCoal). In addition, 4Energy Invest is preparing the roll out of the torrefaction technology with permit files that have been introduced in Ham (Flanders, Belgium) and in Reisbach (Germany). Permit files are also under preparation in countries where more abundant biomass resources are available (than in Western Europe) and where integrated projects can be pursued.
4Energy Invest is listed on Euronext Brussels under symbol ENIN.
For more information, please contact: Nico Terry, Chief Financial Officer Yves Crits, Chief Executive Officer Tel: +32 (0)2 526 90 13 Tel: +32 (0)2 526 90 11 [email protected] [email protected]
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