LONDON--(BUSINESS WIRE)--Waste2Tricity Limited is pleased to announce W2T’s Thai subsidiary Waste2Tricity International (Thailand)’s intention to raise US$10 million for equity in a further round of investment, these funds are to commence further pre-FEED and FEED works and acquire land preparatory to commencing construction for two 1,000 ton per day projects in Thailand. Each of these initial projects will be developed as an SPV funded by a combination of major Thai industrial companies, Thai and Korean Banks. Each project will employ the AlterNRG plasma technology, is expected to cost approx. $320 million and to produce 70MW of electricity.
In preparation, W2TI (T) has continued its high level of engagement in the Thai market, obtaining rights to waste feedstock and engaging in joint ventures with local partners. The company is in final negotiations for these projects to receive performance wraps from major international EPC companies as well as continuing to engage with local communities to ensure that the technology and its environmental credentials are understood.
In addition to the investment necessary for the construction of the first two projects W2TI (T) will use the funds to secure further opportunities. This includes deposits on further waste streams, PPA contracts and land options as well as selectively increasing the Bangkok based team to effectively manage the business. W2TI (T) will secure IP, including the final payment to Alter NRG to secure exclusive access to their technology for a minimum of five years.
W2TI (T) anticipates that the two projects under agreement will achieve FID in Q4 2015. With a 24 month build time these projects will generate electricity using conventional advanced technologies such as gas engine or turbines. The company is also advised that these projects are eligible for subsidies under the current ADDER scheme.
W2TI (T) is the most active waste to energy technology company in Thailand and welcomes the government making the solving of the waste problem and energy shortages a national issue.
PK Thummukgool, Country Director, says: “We welcome the new government’s changes to legislation to make it easier for renewable projects to be built and the Prime Minister of Thailand’s invitation to foreign companies to come to Thailand to assist with waste and low carbon electricity generation.”
-Ends-
For more information, visit Waste2Tricity at www.waste2tricity.com