But why when they secured funding? 12 July 2019 ASX: IGE...

But why when they secured funding?

12 July 2019
ASX: IGE Amsterdam Construction and Funding on Track
• Amsterdam preparing for start-up
• USD$90 million funding in place
• Funding draw-downs to commence

15 January 2020
ASX: IGE FUNDING UPDATE:
US$300 MILLION FOR USA PROJECT - Total contracted funding US$300 million
- Fees of US$39.6 million to IGES for module construction in January 2020
- Initial IGES fees to be immediately used for acceleration of the Amsterdam construction

Background: Integrated Green Partners LLC, (“IGP”, the USA entity jointly owned on a 50/50 basis between IGES and its USA partners GEP Fuel and Energy Indiana, LLC (“GEP”, has finalised its funding of US$300 million for the construction of the IGP Camden project that will be capable of processing 1,200 tonne per day of auto shredder residual (“ASR” into a range of fuels and products, including EN590 (“Road Ready Diesel”, EN228 (“Road Ready Petrol”, Naphtha, Marine fuel and Marine Diesel Oil (“MDO”. The source of the funding provided to IGP is the Abu Dhabi Investment Authority (“ADIA”. ADIA is a sovereign wealth fund owned by the Emirate of Abu Dhabi and was founded for the purpose of investing funds on behalf of Abu Dhabi’s Government. ADIA holds in excess of US$850 million in assets under management. ADIA is managing its investment in the US through its USA partners, Tangier Service Enterprises, Inc (“Tangier”.
Under the investment agreement with Tangier,
the first US$80 million of which is anticipated to be drawn down within 10 days,

17 January 2020

ASX: IGE Funding Update Correction The board of Integrated Green Energy Solutions Ltd
(“IGES” or “the Company” has now been advised that the Abu Dhabi Investment Authority (“ADIA” does not have any involvement with Tangier Service Enterprises, Inc. (Tangier”. Therefore, ADIA is not the source of funding to be provided to Integrated Green Partners LLC (“IGP”.

Notwithstanding this, the terms of the investment agreement with Tangier remains in place:
• The total contracted funding is US$300 million, repayable over 5 years;
• The first US$80 million is anticipated to be drawn down in January 2020; and
• Tangier has been paid no fees up-front but will be entitled to a 5% equity stake in IGP,
a seat on the board of directors and non-voting preferred stock paying an annual dividend of 3.5% of the funding balance less any repayments made.
Tangier obtains its funding from a variety of sources, including private and public institutions and individuals. As previously announced, the GEP Fuel and Energy Indiana, LLC (“GEP” partnership obligations continue to include:
- Procuring of the ASR derived plastics,
- Identification and securing of the site for construction,
- Securing site funding of US$300 million