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Dukemount Capital PLC - London-based property developer - Secures funding for joint venture with flexibility power firm HSKB Ltd. The funding is a GBP6.5 million facility with Global Corporate Finance Opportunities 14. Company expects to draw down GBP3 million which will be lent to fund the HSKB joint venture over the next six months. The facility continues for 24 months and is unsecured and interest free.
HSKB has been in discussions with a commercial lender to fund the remaining GBP3.5 million of the total GBP6.5 million estimated build costs for the joint venture.
The joint venture will see Dukemount buy 50% of HSKB as part of deal. The joint venture will initially develop two gas peaking facilities which together will produce around 10 megawatts of power.
Dukemount will manage the construction of the two sites and provide its knowledge of long-dated income funding and finance.
Current stock price: 0.33 pence, down 23% on Wednesday morning
Year-to-date change: down 52%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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