Fluence Announces First Drawdown from US$50 Million Project Finance Facility
MELBOURNE, Australia & NEW YORK--(BUSINESS WIRE)--Mar 31, 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) 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.
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Managing Director & CEO
P: +1 212 572 3766Richard Irving
P: +1 408 382 9790Ross Kennedy (Australia)
Company Secretary & Advisor to the Board
P: +61 409 524 442Investors (Australia):
P: +61 400 009 774Media (Australia):
P: +61 403 789 096Investors & media (USA):
Gary Dvorchak, CFA
The Blueshirt Group
P: +1 323 240 5796 (US) or
+86 138 1079 1480 (China)Media (Generate Capital):
Mercom Communications for Generate Capital
P: +1 512 215 4452
KEYWORD: AUSTRALIA UNITED STATES BAHAMAS NORTH AMERICA CARIBBEAN AUSTRALIA/OCEANIA NEW YORK
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS OTHER MANUFACTURING PROFESSIONAL SERVICES FINANCE ENVIRONMENT
SOURCE: Fluence Corporation Limited
Copyright Business Wire 2019.
PUB: 03/31/2019 06:51 PM/DISC: 03/31/2019 06:51 PM