Delorean Corporation secures $20M Westpac project agreement
- Delorean Corporation signed a non-binding $20 million financing agreement with Westpac for its bioenergy project.
- Following the announcement, the Delorean Corporation share price was up at $0.086.
- The funding will support construction of the $62.1 million NSW1 Horsley Park Bioenergy Project.
Delorean Corporation (ASX:DEL) has entered into a non-binding agreement with Westpac Banking Corporation (ASX:WBC) for $20 million in project financing to support its bioenergy construction in New South Wales.
The proposed asset finance and trade facilities offer terms more favourable than existing project financing for the company's SA1 Salisbury Project.
DEL’s Managing Director Joe Oliver said, “The agreement with Westpac demonstrates confidence in the strength of our project fundamentals, our long-term partnerships with Tier 1 customers, and our ability to deliver scalable commercial renewable gas infrastructure in Australia.”
The company stated that the transaction is expected to advance its operational portfolio across Australia.
Together with $30.5 million in secured government grants, the debt facility will cover $50.5 million of the project's total $62.1 million cost, leaving $11.6 million to be funded via working capital, tax refunds, equity, and debt.
Following the announcement, the Delorean Corporation share price was up at $0.086.
Under a 25-year lease agreement, the facility will be 100% owned and operated by Delorean Corporation to convert organic waste into biomethane for off-take by Brickworks (ASX:BKW).
The project gained development approval in July 2025 and aims to achieve financial closure by Nov. 18, ahead of planned construction in December.
