Delorean Corp secures funding for bioenergy project

Australian Manufacturing

Bioenergy developer Delorean Corporation has secured for its first build, own, operate bioenergy infrastructure projects at Salisbury north of Adelaide.

The company executed a binding Term Sheet with Tanarra Restructuring Partners for the provision of a 3-year term corporate finance facility package of up to $30 million.

$5 million will go towards working capital while $25 million fund Delorean’s capital contributions to the SA1 project enabling this project to commence construction, subject to Delorean’s Final Investment Decision.

Within the 3-year term, this Facility B can be redeployed into Delorean’s existing follow-on development projects, subject to refinancing the SA1 project postconstruction around December 2025.

The SA1 bioenergy plant (pictured) is located in the Northern Adelaide Food Park in Edinburgh Parks on land owned by Delorean.

Stage 1 of the project will process 70,000 tonnes per annum of organic waste streams for the nominal production of up to 210 TJ per annum of renewable natural gas (biomethane) exported to the gas network.

DEL’s Managing Director Joe Oliver said” “The completion of this finance facilities deal is significant for Delorean, essentially unlocking the Company’s pathway to implement its strategy to roll out Delorean-owned, Delorean-built and Delorean-operated bioenergy infrastructure projects across Australia.”

The facility is flexible to enable Delorean to progress the construction of its second shovel ready project VIC1 in parallel to SA1.

This VIC1 Stanhope Bioenergy Plant in Stanhope, Victoria will process up to 54,000 tonnes per annum of organic and agricultural waste streams for the generation of 1.2MW baseload renewable electricity exported to the grid.

In Stage 2 there is the potential for extension to 71,000 tonnes per annum and upgrade to renewable natural gas exported to the grid.