15th Nov 2021 11:32
Mast Energy Developments PLC - developer of reserve power generations plants - Announces that its recently acquired 9-megawatt Pyebridge generation facility's installation commissioning checks have been completed successfully. This means the reserve power project, which is in Derbyshire, England, has been given the green light to start commercial production.
Non-Executive Chair Louis Coetzee says: "Pyebridge entering commercial steady state status and commensurate revenue creation will demonstrate the commercial and technical benefits derived from an installed and commissioned power generating facility.
"Commercialising Pyebridge as our first fully operational site is a landmark next step towards the much larger portfolio of 300 MW that MED is aiming to establish in the UK, with a pipeline of sites totalling a further 71 MW currently being assessed, and additional prospective sites being continuously added in line with our expectations set out in the prospectus issued in April 2021."
Kibo Energy PLC, an Africa- and UK-focused energy firm which holds a 55% stake in Mast, notes the project's commissioning.
Mast bought the asset in August for GBP2.5 million.
Current Mast stock price: 10.74 pence
Year-to-date change: down 14% from its IPO price of 12.5p in April
Current Kibo stock price: 0.22p, up 6.1% in London on Monday; ZAR8.00, flat in Johannesburg
Year-to-date change: up 14% in London and Johannesburg
By Greg Roxburgh; [email protected]
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