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- Infinity Lithium (INF) strikes a memorandum of understanding (MoU) with Spanish energy giant Enalter for a local renewable energy project in Spain
- INF, through subsidiary Extremadura New Energies, and Enalter, a joint venture (JV) owned by Alter Enersun and Enagás Renovable, will establish the Renewables Project JV
- The parties will establish the JV in two phases — the first to assess the economic feasibility of the project and the second to build and operate the project for 27 years
- The MoU will become effective on March 1, 2023, and until that time, either party may terminate the deal without giving rise to any liability of any kind to either party
- Shares in Infinity Lithium are up 7.14 per cent and trading at 23 cents at 1:26 pm AEDT
Infinity Lithium (INF) has signed a memorandum of understanding (MoU) with Spanish energy giant Enalter for a local renewable energy project in Spain.
INF, through subsidiary Extremadura New Energies, and Enalter, a joint venture (JV) owned by Alter Enersun and Enagás Renovable, will establish the Renewables Project JV in a two-phase plan.
Under the first phase of the MoU, the partners will study the technical and economic feasibility, opportunity and profitability of the potential project.
Additionally, the parties will establish the framework to execute a power purchase agreement (PPA) for the supply of green energies to the San José lithium project, owned by INF.
Upon completion, the companies will move to phase two, under which they will construct, operate and maintain the renewable project for 27 years.
Infinity Managing Director and CEO Ryan Parkin said the partnership further reinforced the positive momentum and complementary opportunities aligned to San José following an initiation of the permitting process last month.
The MoU will become effective on March 1, 2023, and until that time, either party may terminate the deal without giving rise to any liability of any kind to either party.
Shares in Infinity were up 7.14 per cent and trading at 23 cents at 1:26 pm AEDT.
