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Argan, Inc. announced recently that its wholly owned subsidiary, Gemma Power Systems (GPS) entered into a Consent and Intercreditor Agreement in connection with the construction and design of an 825MW gas-fired power plant in Pennsylvania.
GPS has been funding Moxie Liberty LLC in the development of this power plant project and has advanced approximately $3.6 million in working capital to the project. In March 2013, Moxie entered into a Membership Interests Purchase Agreement with a third party investor who will provide advances of certain preconstruction costs. The consummation of the purchase of Moxie is contingent upon the third party investor securing permanent financing for the project.
Should the third party investor consummate the Moxie purchase, GPS would build and design the power plant under an EPC agreement. GPS would receive development success fees and repayment of the working capital advances plus accrued interest from the proceeds of the sale of Moxie.