Vulcan Begins Drawing $3.9 Billion Lionheart Funding
Synopsis
The first tranche of project financing will support development of the Lionheart lithium and geothermal energy project in Germany's Upper Rhine Valley.
Key Highlights
- Vulcan Energy has fulfilled the initial drawdown requirements for its €2.2 billion (A$3.9 billion) Lionheart financing agreement.
- The fund has also been given its first equity drip.
- Phase One of the Lionheart project will deliver 24,000 tonnes of lithium hydroxide monohydrate.
Vulcan Energy reaches key strategic drawdown funding milestones at Lionheart lithium and geothermal energy project as it seeks €2.2 billion in new equity. It also confirmed it has received its initial equity drawdown, hitting another milestone following the financial close on the project.
Lionheart Project Progress
Located in the Upper Rhine Valley Brine Field of Germany and France, the Lionheart project is jointly owned by Climeworks and PACES. The project obtained financial closure at the end of May, with initial equity funding provided by its partners.
In its first stage, the project will generate 24,000 tonnes of lithium hydroxide monohydrate,275 gigawatt hours of renewable electricity and 560 gigawatt hours of heat. The project has an expected operational life of 30 years.
Funding Aligned With Construction
The project is on track, Vulcan Energy said, with funding being drawn down in alignment with its construction schedule and capital demands. Chris Moreno, Managing Director and CEO commented that the Lionheart project is on track with the project’s funding being accessed according to the development timeline and capital requirements.
Source: Capital Brief
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