Strike Energy (ASX:STX) has secured credit approval for a $60 million funding tranche to support procurement for the South Erregulla integrated peaking gas power station. This is part of their Perth Basin Gas Acceleration Strategy.
Strike Energy has increased its financing package from Macquarie Bank from $153 million to $217 million, including a $64 million asset finance lease for South Erregulla's gas engines. Final credit approval is anticipated soon, with security arrangements in place. This funding supports their strategic goals in enhancing gas power infrastructure in the Perth Basin.
The securing of this credit approval is a critical step in the execution of the Perth Basin Gas Acceleration Strategy,' said Stuart Nicholls, Strike's CEO and Managing Director.