RedT Energy PLC Update on German Grid Project Funding (9279A)
September 17 2018 - 1:00AM
UK Regulatory
TIDMRED
RNS Number : 9279A
RedT Energy PLC
17 September 2018
This announcement contains inside information
17 September 2018
redT energy plc
("redT" or the "Company")
Update on German Grid Project Funding
Conditional commitment letter received for funding of 1(st)
phase
redT energy plc (AIM:RED), the energy storage solutions company,
announces that it has received a conditional commitment letter from
an energy infrastructure fund to invest, together with its
partners, approximately EUR37m for 100% financing of the first
project to be deployed of a total 700MWh portfolio of grid-scale
energy storage projects in Germany (previously announced on 26 July
2018).
This first project will use 800 redT units with a combined
capacity of approximately 60MWh to supply Secondary Control Reserve
and other grid services to the German and Austrian market.
This conditional commitment has been provided by the fund
following a detailed review of the project data room documentation.
All parties are committed to moving forward rapidly with this
opportunity with financial close targeted by 31 December 2018.
As part of its strategy to channel infrastructure finance into
energy storage projects, redT is working to secure and deploy
finance across a $120m initial development portfolio of energy
storage infrastructure projects in the near term, which includes
projects within the Commercial & Industrial (C&I) sector,
Grid-scale storage and large renewable generation plus storage. The
Company is currently in active discussions with a number of leading
infrastructure investors in this regard.
Scott McGregor, CEO of redT said:
"We are pleased to move forward on the first phase of our German
grid-scale project with a finance partner who has moved swiftly to
get involved. We have now achieved two key milestones. Firstly,
validation of our Gen 3 product for large grid-scale storage
applications and secondly, proven that energy storage projects are
a sought after asset category by infrastructure funders. We are now
in a strong position to secure further orders and bring additional
finance in alongside them."
Enquiries:
redT energy plc +44 (0)20 7061 6233
Scott McGregor, Chief Executive Officer
Fraser Welham, Chief Financial Officer
Joe Worthington, Investor & Media
Relations
Investec Bank plc (Nominated Adviser
and Broker) +44 (0)20 7597 5970
Jeremy Ellis / Chris Sim / Alexander
Ruffman
VSA Capital (Joint Broker)
Andrew Monk / Andrew Raca +44 (0)20 3005 5000
Celicourt Communications (Financial
PR)
Mark Antelme
Jimmy Lea
Ollie Mills +44 (0)20 7520 9266
Notes to Editors
About redT energy
redT energy plc are experts in energy storage, specialising in
the design, manufacture, installation and operation of energy
storage infrastructure which creates revenue alongside reliable,
low-cost renewable generation for businesses, industry and
electricity distribution networks. Using patented vanadium redox
flow technology to store energy in liquid, redT's own energy
storage machines can be run continually with no degradation:
charging and discharging for over 25 years, matching the lifespan
of renewable assets in on-grid, off-grid and weak-grid
settings.
redT's energy storage solutions, developed over the past 15
years, address today's changing energy market by providing a
flexible platform for time shifting surplus renewable power,
securing electricity supplies and earning revenue through grid
services. The company has customers in the UK, Europe, sub-Saharan
Africa, Australia and Asia Pacific. redT energy plc is listed on
the London Stock Exchange (AIM:RED) and has experts located in the
UK, Europe, Australia, Africa, Asia and the USA. For more
information, visit www.redTenergy.com
For sales, press or investor enquiries, please contact the redT
team on +44 (0)207 061 6233.
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END
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