Corcel PLC Acquisition of Third 50MW Flexible Energy Project (1128A)
May 28 2021 - 1:00AM
UK Regulatory
TIDMCRCL
RNS Number : 1128A
Corcel PLC
28 May 2021
Corcel PLC
("Corcel" or the "Company")
Acquisition of Third 50MW Flexible Energy Project
28 May 2021
Corcel Plc, ("Corcel" or "the Company"), the natural resource
exploration and development company with interests in battery
metals and flexible grid solutions, announces exclusive rights over
the acquisition of the "shovel ready" Avonmouth 50MW gas peaking
project outside of Bristol from FPC Electric Land Limited
("Electric Land" or "EL").
Highlights:
o CRCL acquires exclusive rights to 100% of the Avonmouth gas
peaking project further expanding its growing Flexible Grid
Solutions project portfolio
o CRCL also acquires the rights over an additional 15MW of
potential grid connection capacity and associated land at the
Avonmouth complex
o Purchase consideration is GBP72,000 payable now and a further
GBP72,000 payable at financial close as well as agreement with EL
on a 30-year project land lease
o CRCL to take Avonmouth through to financial close, alongside
Burwell and Tring Road, during 2021
Chief Executive Officer, Scott Kaintz commented: "Following
closely behind our recent acquisition of the Tring Road gas peaking
complex, we have now added a further 50MW of flexible energy
generation at Avonmouth. Avonmouth is already "shovel ready". Our
expanding partnership with Electric Land brings with it a
dovetailing of capabilities and interests; ours in the underlying
energy projects themselves and theirs in the land ownership and
ongoing land lease revenue. 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."
Transaction Details
Corcel has acquired six months of exclusivity over a 100%
interest in the Avonmouth gas peaker project from Electric Land
Ltd, located outside of Bristol, England. Consideration for the
acquisition is GBP72,000 payable immediately, and a further
GBP72,000 payable at financial close at the time of entering into
the formal lease over the project site. 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.
Avonmouth Project
The Avonmouth project is a 50MW gas peaking project located
approximately 7 miles Northwest of Bristol. The site location is an
area of greenfield land within an established industrial estate and
comprising a total of 4.36 acres. The project is "shovel ready"
with a 50MW grid connection, gas connection, planning permission
and land rights. Co-located at the site are two other projects, a
33MW site being developed by a third party, and a 15MW site
expected to be made available for a generation or battery
installation over 1.38 acres.
The Company, following comprehensive due diligence on the
project, has received third party estimates of annual gross margins
of between GBP67-101k per MW/per annum once the project is
operational.
The site is expected to consist of 25 x 2MW generating units,
switchgear and welfare cabins, workshop, gas pressure reduction
installation, customer compound, DNO substation, comms tower,
balancing pond and landscaping. Opportunities for enhanced offtake
and private wire connections are currently under discussion with
several industrial and commercial customers located in the area.
Following financial close, the project is expected to be
commissioned in approximately 12 months.
Scott Kaintz 020 7747 9960 CEO Corcel Plc
Roland Cornish/ Rosalind Hill Abrahams 020 7628 3396 NOMAD
Beaumont Cornish Limited
Thomas Smith 020 7392 1432 Broker Monecor (London) Ltd (ETX
Capital)
Simon Woods 0207 3900 230 IR Vigo Communications
This announcement contains inside information under Article 7 of
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
About FPC Electric Land Limited
Electric Land is a specialist promoter, developer and investor
in grid-connected land for renewable and renewable supporting
energy infrastructure use. Electric Land creates and leases shovel
ready flexible energy sites for operators to develop for all
technologies, and buys ground rents of land with operational
flexible energy projects in place. It is a division of the
Foundation Property & Capital Group.
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