Business
MED Acquires Third Standby Generation Facility
MED Acquires Third Standby Generation Facility.
About this update from Quantum Data Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6745I\n Mast Energy Developments PLC\n 16 August 2021\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 16 August 2021\n \n \n \n \n \n \n \n \n Mast Energy Developments Plc (\"MED\" or \"the Company\")\n \n \n MED Acquires Third Synchronous Gas-powered Standby Generation Facility\n \n \n \n \n \n Mast Energy Developments Plc, the UK-based \n multi-asset operator in the rapidly growing Reserve Power market\n , is \n pleased to announce that \n MED has finalized and entered into a definitive Sale and Purchase Agreement (\"SPA\") to acquire a 100% interest in Rochdale Power Limited (\"Rochdale\"), a Special Purpose Vehicle (\"SPV\") from Balance Power Projects Limited (\"Balance\"),\n \n for the installation of a \n 4.4 \n MW flexible gas power project in \n Dig Gate Lane, Rochdale, OL 16 4NR, \n (the 'Installation'). \n \n \n \n \n \n Highlights\n \n \n · \n Rochdale comprises a shovel ready gas-fueled power generation plant with:\n \n \n o \n Current grid connection capacity of 4.4 MW, upwardly adjustable to 7.5 MW. \n \n \n o \n a Freehold site \n \n \n o \n a Grid Connection Offer \n \n \n o \n a Gas Connection Offer \n \n \n o planning and permitting already in-place\n \n · \n The acquisition costs of the freehold amounts to £90,000 and the property rights amount to £132,000, totalling £222,000 and will be funded from the current MED working capital budget. \n \n \n · \n Encora Energy Limited, MED's Owners Engineer conducted a comprehensive due diligence investigation on the Rochdale site on behalf of the Company, with an overall positive outcome. \n \n \n · \n Engineering, Procurement and Construction (\"EPC\") proposal already received from multinational Clarke Energy, the company's preferred EPC-contractor and currently in the process of optimization to incorporate planning consent discharge conditions and ground investigations. \n \n \n · \n Subject to issuing the notice to proceed and no external connectivity delays, commercial commissioning of the Rochdale site is expected during Q2 2022.\n \n \n · Proven and significant ...