Delorean Signs Non-Binding $20m Westpac Deal for NSW1

Delorean (ASX:DEL) Corporation signed a non-binding financing agreement and mandate with Westpac to fund equipment for its NSW1 Horsley Park bioenergy project, and extended the project's financial close date.

The proposed Westpac project financing of $20 million, through asset finance and trade facilities to project SPV Horsley Park Bioenergy Pty Ltd, would fund capital plant and equipment for NSW1, which is to be co-located with Brickworks' manufacturing operations at Horsley Park in Western Sydney. The company says the terms are more favourable than the existing financing for its SA1 Salisbury project. Together with $30.5m in signed government grants ($20 million from the NSW Government Net Zero Manufacturing Initiative and $10.5 million from ARENA), these sources would total $50.5 million, or approximately 81%, of the estimated $62.1 million capital cost. Delorean and Brickworks have extended the financial close timeframe to 18 November 2026, and construction is targeted to start in December 2026. Delorean will own and operate NSW1 under a 25-year lease, with Brickworks taking biomethane offtake. The facility is proposed to process 120,000 tonnes per annum of organic waste and produce approximately 253,000 GJ of biomethane a year, with commissioning estimated in 2028.

The Westpac agreement is non-binding and subject to detailed documentation expected within weeks. Financial close also needs the remaining $11.6 million of funding, which the company expects to source from working capital, R&D tax refunds, equity and debt.