StockMarketWire.com - Alternative energy company Simec Atlantis Energy said it had agreed to source £170m of debt from South Korea's Hana Financial Investment.

The debt would fund the first phase of the company's Uskmouth conversion project in Wales through a senior secured loan.

The Uskmouth project involved the conversion of an coal-fired power plant into a plant fueled by waste-derived pellets.

Semic said the two companies would continue to work closely to refine the financing package over the remaining period to financial close.

This agreement was not legally binding, save as to a six-month period of exclusivity, which may be further extended by mutual agreement.

'This agreement with Hana reflects the high level of international interest our world-leading conversion project has and we believe that this is a stepping stone to further conversion opportunities across Asia and indeed globally,' chief executive Tim Cornelius said.






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