Last week, EPH announced that the bulding permit for its Tegernsee project has been granted. This marks an important milestone, as it was the key condition precedent of the February term sheet, so signing of the final purchase agreement is expected shortly, with implementation to follow immediately. The project is partly financed through the new secured bond, whose security package includes the shares of the Tegernsee project company. The project moves from agreement in principle to a permitted site, which is a clear de-risking step.
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