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Corcel acquires 50MW flexible energy project for £144K

Fri, 28th May 2021

Natural resource company Corcel said it had bought the exclusive rights over the acquisition of the Avonmouth 50MW gas peaking project outside of Bristol from FPC Electric Land for £144,000. Under the terms of the deal, the company paid an initial £72,000 and a further £72,000 would be payable at financial close as well as agreement with EL on a 30-year project land lease. 'Corcel also receives exclusivity over an additional 15MW grid connection and associated land at the site, giving it the rights to take on the connection for use in a potential generation or battery project on similar terms,' the company said. The company, following comprehensive due diligence on the project, had received third party estimates of annual gross margins of between £67-101,000 per MW/per annum once the project is operational. 'Our present intention is to seek to bring Avonmouth to financial close during the course of 2021 leveraging the existing efforts already underway for Tring Road and Burwell, marketing the project portfolio jointly,' it added. At 8:00am: (LON:CRCL) Corcel PLC share price was 0p at 1.05p Story provided by StockMarketWire.com

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