- Gasification solutions company Eqtec said it had signed an agreement for the proposed acquisition of a 5MWe project in Drama North Eastern Greece.

Once acquired, EQTEC synergy projects -- the joint venture between EQTEC and its Greek strategic partners, German EPC company, ewerGy GmbH -- will lead the development of a new biomass-to-energy plant, generating 5MW green electricity from locally and sustainably sourced forestry waste.

Completion of the acquisition of the project is subject to entering into of a project purchase agreement. Active discussions with investors for the equity funding for the SPV were currently underway, with financial close targeted for Q3 2022.

'The plant, once operational, is expected to achieve the Company's baseline target unlevered IRR of 12% and the JV team have identified commercial opportunities that if implemented, will further increase project returns,' the company said.

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