REMOTE power specialist Zenith Energy has secured $40 million in additional corporate debt facilties two days after releasing half-year results that showed growth from its move from engineering, procurement, construction specialist to a build, own, operate model.
The money will be used on capital expenditure on new and existing projects, with some left over for acquisitions and general corporate spend.
The company has been able to gain an overall reduction in associated funding costs as well as the extend the debt maturity date.
Yesterday the company announced it had received certification of full diesel completion after satisfying diesel performance testing requirements at the 62 megawatt power station it built for Newmont Mining's; Tanami gold mine.
It will now begin commissioning the Wartsila gas generation capacity before testing the full completion performance testing in the weeks to follow.
Meanwhile during its half year results of Tuesday it reported 61% growth in BOO megawatt growth over the previous corresponding period, a 53% growth in BOO revenue compared to the last period, 123% growth in BOO EBITDA, and 19% growth in total megawatts under control from 395MW to 428MW over the period.
Group net profit after tax was down $4.8 million compared with the previous period thanks to what Zenith calls a "refocus on growing BOO operations".
PP&E increased from $76 million in the second half of financial 2018 to $114 million in the first half of this financial year and inventory increased fro $700,000 to $12 million Source: Energy News Bulletin
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