Vulcan secures funding package to finalise Lionheart Project construction
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The news: Vulcan Energy has achieved financial close as part of the $3.9 billion equity and debt financing arrangements for its flagship Lionheart Project.
The context: This follows the company securing its primary financing package in December, concurrent with a positive final investment decision, that settled its underwritten institutional placement and entitlement offer, enabling the commencement of Lionheart construction.
Now having achieved financial close, the balance of the financing package can be accessed subject to ongoing conditions for drawdown, the company said.
The financing will be used to construct the Lionheart project through a combination of capital arrangements at the project, subsidiary and corporate level.
The lighthouse development is located in the Upper Rhine Valley Brine Field between Germany and France and involves building an integrated lithium and renewable energy project targeting a production capacity of 24,000 tones of lithium hydroxide monohydrate per annum, projected to supply Europe’s electric vehicle battery supply chain while providing renewable heat to local communities.
What they said: “Reaching financial close is a significant milestone and reflects the continued support from our financing partners, including European and German government agencies, commercial banks, and strategic industrial partners,” Vulcan CEO Felicity Gooding said.
“We continue to enact our strategic plan to deliver Lionheart on time, on budget and to nameplate capacity,” she added.
The source: ASX
