Term Sheet for Project Development Funding Signed

About this update from Quantum Data Energy Plc

RNS Number : 5902P Mast Energy Developments PLC 20 October 2021   Mast Energy Developments PLC (Incorporated in England and Wales) (Registration Number: 12886458) Share code on the LSE: MAST ISIN: GB00BMBSCV12 ("MED" or "the Company")   20 October 2021   Mast Energy Developments Plc ("MED" or "the Company")   Company signs Term Sheet for Project Development Funding   Mast Energy Developments Plc, the UK-based multi-asset operator in the rapidly growing Reserve Power market and currently with c. 20 MW Reserve Power sites under its direct control and development, is pleased to announce that Close Leasing Ltd, a subsidiary of Close Brothers Group plc (the "Lender"), have offered facilities to fund the development and construction of the Company's two owned Reserve Power projects currently in development, Bordersley and Rochdale (the "Projects").  The facilities are offered subject to the successful completion of due diligence (including legal, technical and financial) and other relevant regulatory checks and approvals.  Final details of the facilities will be confirmed at financial close.    Louis Coetzee, Non-Executive Chairman at MED, said:   "We are very pleased with the funding facilities offered by an investment grade financier such as Close Brothers and their willingness to partner with MED, which is another very important key step in continuing to build MED's ever growing projects portfolio. We look forward to working with the Close Brothers team." Paul Venter, CEO at MED, said:   "MED Management and its team of selected services providers remain focussed on the task in hand and rolling out of the Board of Directors' declared strategy. The funding now in place is another milestone achieved." Chris Rodgers, Managing Director at Close Brothers Leasing, said: "The funding of transitional fuel projects that provide electricity to meet demand and balance the national grid is an important step towards our net zero objectives.  We continue to support investment into the renewable energy and reserve power sectors.  We look forward to working with the MED team through the due diligence process towards financial close of the senior loan facilities." Background and Transaction Rationale The Company is targeting the establishment of a 300 MW Reserve Power portfolio in the UK, and to date has ac...

View stock analysis, news, and events for Quantum Data Energy Plc