Business
Pyebridge Steady State Operation and Production
Pyebridge Steady State Operation and Production.
About this update from Quantum Data Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3578S\n Mast Energy Developments PLC\n 15 November 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 15 November 2021\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 MAST 9 MW Pyebridge Reserve Power Project Achieves Steady State Operation and Commences Commercial Production\n \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 \n , is pleased to announce that the recently acquired 9 MW Pyebridge Generation facility's installation commissioning checks have been completed successfully, and the Company's engineers have certified Pyebridge in Commercial Steady State Status as of 15 November 2021. \n \n \n \n \n Route to Market solidifies compelling economics\n Based on the MAST optimised financial model, an EBIDTA of c. £488,221 per annum was projected in the Company's RNS of 12 August 2021. This projection has now received validation in the following:\n \n \n § \n Commercial negotiations specific to the Pyebridge Project power purchase agreement (\"PPA\") have been concluded with MED's preferred investment grade route-to-market provider and off-taker, \n Statkraft Markets GmbH ('Statkraft')\n \n \n § PPA agreed for a term of up to 10 years, with an option to renew, as well as a guaranteed floor off-take for a period of up to 7.75 years that guarantees revenue and provides significant de-risking to the project's investment case.\n \n § Capacity Market contract worth £60,000/annum (starting October 2021) for 15 years providing value enhancement of £900,000 before Retail Price Index (\"RPI\") upward adjustment.\n \n § Revised optimised Internal Rate of Return (\"IRR\") now expected at 21%.\n \n \n NOTE:\n All the financial numbers stated above remain subject to change until such time as actual production figures are available, following a suitable period of steady state production.\n \n \n \n Louis Coetzee, MED Non-Executive Chairman, said:\n \"Pyebridge entering Commercial Steady State Status and commensurate re...