Search Share Prices
EQTEC selected as exclusive supplier for Hanoi power plant
Waste gasification-to-energy technology company EQTEC has signed a memorandum of understanding (MoU) with Pt. CITRA Metro Jaya Energi, which is part of the Energy division of the Indonesian Citra Metro Group, to supply its 'EQTEC Gasifier Technology' (EGT) for a 12 MWe power plant in Hanoi, Vietnam.
The AIM-traded firm said under the agreement, CITRA would consider EQTEC as the exclusive technology supplier of the gasification plant for 12 months from the date of the MoU.
It said CITRA would be responsible for obtaining the permits, licences and authorisations, power purchase agreements, and feedstock agreements for the project.
CITRA intended to contract EQTEC to execute the works in accordance with a quotation which EQTEC had supplied to CITRA, which would be finalised immediately after the power purchase agreement has been obtained by CITRA.
The scope of supply of EQTEC would include two complete gasification lines with 4.5 tons per hour feeding rate each, four GE Jenbacher syngas engines, ancillary equipment, and commissioning and start-up services..
EQTEC said the requisite permits and agreements were expected to be obtained in the third quarter of this year, with the contract expected to be in the region of 20m to 22m.
It said CITRA or any third party associated to CITRA would provide the necessary equity and debt financing for the project, with CITRA also to provide the engineering procurement contractor.
"We are delighted that our technology has been selected, on an exclusive basis, by CITRA for its 12MWe power plant," said EQTEC CEO Luis Sanchez.
"The MoU formalizes the first step towards what can become a fruitful relationship with CITRA and ties in with our strategy of looking for opportunities to utilise EQTEC Gasifier Technology, directly or through EPC contractors, in the UK and across the globe.
"We look forward to working together on this exciting project which has the potential to deliver significant benefits to both CITRA and EQTEC."