Canacord's take on the EIB's "under appraisal" funding and how it fits in with what else looks lined up, and what's left to find...
The €500m of debt funding announced today accompanies an existing A$200m (~€120m)of debt funding indication from Export Finance Australia (see note) and provides ~50% of the €1,399m funding requirement for the ZCLP, on an indicative basis. If Nobian elects to form a JV with VUL for the Central Lithium Plant (50% capital contribution of €179m see note), and with the German Government signalling that it may contribute 40% of geothermal costs (CGe €272m), it leaves a €328m funding gap before any sell-down of the project (excl. €78.6m in cash). The company continues to sound out strategic investors for equity funding, targeting indicative offers in the first half of 2024. If VUL is able to achieve a sell-down, with capital commitment, we believe a manageable funding gap could be delivered.
Yes, CAPEX is a big number, but already the ducks are lining up well.
Read the rest here... and acknowledgements to anyone who previously posted this
CG_23.02_24.pdf (v-er.eu)
Canacord's take on the EIB's "under appraisal" funding and how...
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