Homerun Resources has signed a Letter of Intent (LOI) with the SORG Group for the realisation of a 1,000 tonnes per day solar glass manufacturing plant in Santa Maria Eterna, municipality of Belmonte, Bahia, Brazil.
Homerun is confirming the appointment of SORG as the technology provider and supplier of the glass manufacturing and processing equipment for the Solar Glass Project. The Solar Glass Project will meet the latest state-of-the-art technology levels for solar glass manufacturing, including an electric boosting system for improving energy efficiency and carbon footprint reduction, as well as a production process that will deliver antimony-free solar glass. The intention of the parties is to complete the Solar Glass Project based on top-class Western technologies and equipment.
Homerun’s responsibility within the Solar Glass Project is to capitalise and complete the localised content, including permit planning, civil works, utilities and electric power supplies and the installation work as specified by SORG. A binding formal contract between the parties is expected to be signed based on a successful Bankable Feasibility Study (BFS) and Project Financing.
Homerun and SORG intend to cooperate to obtain German bank export credit project financing for the SORG technology and equipment package, supported by Euler Hermes export credit guarantees.
In parallel, with respect to the capitalisation of the localised responsibility of Homerun, Banco Nacional de Desenvolvimento Econômico e Social (BNDES) has expressed interest in providing Brazilian government project financing.
Homerun has contracted German-based engineering company DTEC, working in close cooperation with SORG, for the BFS, and all parties will cooperate to provide the necessary documentation for the completion of the project financing.
Brian Leeners, CEO of Homerun stated, “Another month, another big Milestone for Homerun. The content of this News Release is the culmination of an extensive effort across both Homerun and SORG teams. Based on how well these groups have worked together we have no doubt that the Homerun Solar Glass Plant will be built to the highest standards with the latest technologies. I am personally excited to see the turn of that first shovel to start building Latin America’s first and only solar glass plant.”