Fluence Announces First Drawdown from US $50 Million Project Finance Facility
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
Melbourne, New York 1 April 2019 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) NIROBOXTM 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 allowsfor 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.”