Aida Minerals Plans to Acquire up to 25% stake in Carbon Neutral Power Partners for USD78.6 Million

Published: Jul 28 2017
Deal Summary

Aida Minerals Corp., a mineral exploration company, intends to acquire up to 25% stake in Carbon Neutral Power Partners (CNPP), a Canadian based renewable energy company, for a purchase consideration of approximately GBP60 million (USD78.66 million).

Under the agreement, Aida Minerals plants to acquire 25% stake in CNPP by combination of preferred shares and debt totaling GBP60 million (USD78.66 million). Financing is proposed in stages with senior debt to be financed through power purchase agreements. Revenue is planned to commence from the first plant following 12 months of construction. Proposals to finance from institutions for the initial phase financing of GBP20 million (USD26.22 million) are being assessed, and are subject to Aida Minerals being successful in satisfying the project funding conditions for credit guarantees and/or having preliminary funding in place.

CNPP has established property and planning permission approvals for the installation of the Corby UK waste to energy facility, the first of six planned projects in the UK. The Corby project will deliver up to 10 MW exportable power from the processing of 350 tonnes a day of refuse derived fuel. The technology consists of a simple updraft gasification system followed by a steam turbine in a closed loop steam system.

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