Business
Bordesley Update
Bordesley Update.
About this update from Quantum Data Energy Plc
[{"type":"text","content":"\n \n \n \n \n \n Mast Energy Developments PLC\n \n \n (Incorporated in England and Wales)\n \n \n (Registration Number: 12886458)\n \n \n Share code on the LSE: MAST\n \n \n ISIN: GB00BMBSCV12\n \n \n (\"MED\" or \"the Company\")\n \n \n \n \n \n \n 8 December 2022\n \n \n \n \n \n \n \n \n \n Mast Energy Developments PLC (\"MED\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n Bordesley Update\n \n \n \n \n \n \n Mast Energy Developments PLC, the UK-based multi-asset owner and operator in the rapidly growing Reserve Power market is pleased to announce a further update to its last announcement (see RNS dated 23 August 2022) on its Bordesley peaking power project (\"Bordesley\" or the \"Project\") in central Birmingham, which is in early construction stage.\n \n \n \n \n \n The Company has now fully optimised and has been granted a gas connection route and has also received approval from network supplier, Cadent Gas, for the required pressure and volumes of gas to fuel the Project. The specialist energy connection company, Distributed Energy Connections Limited, have been contracted to provide an all-in gas connection design and construction solution.\n \n \n \n \n \n Additionally, the Company has concluded an EPC contract optimisation with Clarke Energy, during which it emerged that replacing the currently planned 2 x 2.5 MW Jenbacher engines with 1 x 4.5 MW Jenbacher engine, will provide significant savings in capital construction costs and improve overall engine output efficiencies. The revised EPC configuration more than compensates for the small reduction in the output generating capacity and most importantly, improves the overall financial feasibility of the Project.\n \n \n \n \n \n With the developments and progress outlined above now in place, the Project's debt funders, Close Brothers (who have signed a capex debt funding term sheet, see RNS dated 20 October 2021), will now resume their due diligence with anticipated financial close targeted during Q1 2023. It should be noted that Close Brothers have already completed a significant portion of their due diligence during late 2021 and early 2022 but paused their process until issues arising from the gas connection route were de-risked to their satisfaction, which has now been successfully done.\n \n \n \n \n \n ...