Fluence Announces First Drawdown from US$50 Million Project Finance Facility
March 31 2019 - 6:51PM
Business Wire
US$50 million non-recourse facility from
Generate Capital was secured late 2018
First drawdown of US$2 million to fund
desalination project at resort in Bimini, Bahamas
Fluence Corporation Limited (ASX:FLC) is pleased to announce
that it has drawn down for the first time on its US$50 million
non-recourse debt facility (the “Facility”), which was put in place in November
2018 and provided by Generate Capital, an integrated investment and
operating platform for innovative resource infrastructure
technologies and developers. The Facility is earmarked for project
financing of Build, Own, Operate & Transfer (BOOT) plants.
Proceeds from this initial drawdown of US$2.0 million will be
used to fund Fluence’s first seawater desalination plant in the
Bahamas, at a resort in North Bimini. The Bimini project
(previously announced) is comprised of three (3) NIROBOX™
smart-packaged seawater (SW) desalination units.
Fluence intends to further utilize the Facility for several
current and planned recurring revenue projects. Use of the Facility
will allow Fluence to streamline project development and help to
secure further BOOT plants with the potential to generate recurring
revenue.
Commenting on the first drawdown, Fluence Managing Director
& CEO Henry Charrabé said: “This first drawdown from the
Facility put in place with Generate Capital to fund the Bimini
project, reinforces the synergistic relationship between Generate
Capital’s project finance capabilities and Fluence’s ability to
offer recurring revenue solutions to our customers around the
world. Our Smart Products Solutions fit perfectly with the
innovative project finance Facility and the combination of the two
allows for fast-to-deploy water and wastewater treatment
options.”
Generate Capital’s President and Co-Founder, Jigar Shah,
commented: “The pace of innovation in resource infrastructure is
exciting, and at Generate Capital we’re backing the technologies
that have been proven in the market to bring them to scale. Through
our financing program with Fluence we are accelerating the
institutionalization of the desalination asset class. Our combined
offer provides highly valuable financing solutions to Fluence’s
customers and allows Fluence the ability to secure global water and
wastewater treatment projects leveraging this Facility.”
About Fluence Corporation Limited (ASX: FLC)
Fluence is a leader in the decentralized water, wastewater and
reuse treatment markets, setting the industry pace with its Smart
Products Solutions, including Aspiral™, NIROBOX™ and SUBRE. Fluence
offers an integrated range of services across the complete water
cycle, from early stage evaluation, through design and delivery to
ongoing support and optimization of water related assets, as well
as Build Own Operate Transfer (BOOT) and other recurring revenue
solutions. With established operations in North America, South
America, the Middle East, Europe and China, Fluence has experience
operating in over 70 countries worldwide and enables businesses and
communities worldwide to maximize their water resources.
Further information can be found at
https://www.fluencecorp.com/.
About Generate Capital
Generate is an investment and operating platform that builds,
owns, operates, acquires and finances innovative resource
infrastructure. Based in San Francisco, California, Generate
Capital was founded by several leading entrepreneurs and financiers
in the renewable energy, technology, finance and sustainability
sectors. It serves as the leading capital partner for project
developers and technology companies pioneering the Resource
Revolution. Since its launch in 2014, the firm has built more than
$500 million of sustainable infrastructure across the power,
transportation, and water and waste sectors. For more information
on Generate Capital, please visit:
http://www.generatecapital.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190331005066/en/
Corporate:Henry CharrabéManaging Director & CEOE:
hcharrabe@fluencecorp.comP: +1 212 572 3766
Richard IrvingChairmanE: rirving@fluencecorp.comP:
+1 408 382 9790
Ross Kennedy (Australia)Company Secretary & Advisor to the
BoardE: rkennedy@fluencecorp.comP: +61 409 524 442
Investors (Australia):Ronn BechlerMarket EyeE:
ronn.bechler@marketeye.com.auP: +61 400 009 774
Media (Australia):Tristan EverettMarket EyeE:
tristan.everett@marketeye.com.auP: +61 403 789 096
Investors & media (USA):Gary Dvorchak, CFAThe
Blueshirt GroupE: gary@blueshirtgroup.comP: +1 323 240 5796 (US)
or+86 138 1079 1480 (China)
Media (Generate Capital):Wendy PrabhuMercom
Communications for Generate CapitalE: generate@mercomcapital.comP:
+1 512 215 4452
Fluence (ASX:FLC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fluence (ASX:FLC)
Historical Stock Chart
From Apr 2023 to Apr 2024