26th Aug 2015 07:25
LONDON (Alliance News) - Marechale Capital PLC on Wednesday said that Kettering Borough Council has granted planning permission for Northfield UK Solar Ltd's 49.9 megawatt solar scheme at Desborough.
Marechale has a 26% equity stake in Northfield and the solar scheme.
If the project is successful at the next Department of Energy and Climate Change Contract for Difference auction, originally scheduled for October but now delayed until further notice, there may be significant additional value (yet to be quantified as it will depend to a significant extent on the result of the auction) for Marechale Capital and the other Northfield shareholders," Marechale said in a statement.
The company is waiting for the outcome of the planning appeal on Northfield's other solar scheme proposed at Stanford, which is expected this Autumn.
"The company's directors wish to point out, in the light of last week's significant share price rise, that the approximate value of the net assets on its balance sheet is currently around GBP850,000. While the directors believe there is potentially significant additional value in Marechale Capital's investments, including Northfield, which may be realised above their book value there are significant risks involved in achieving this," the company said.
Shares in Marechale were down 26% at 6.31 pence on Wednesday morning in London.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Marechale Cap.