(Sharecast News) - Natural resource exploration and development company Corcel said on Friday that it has acquired the "shovel ready" Avonmouth 50-megawatt gas peaking project outside of Bristol from FPC Electric Land.
Corcel acquired exclusive rights to 100% of the Avonmouth project, as well as an additional 15-megawatt of potential grid connection capacity and associated land, in order to further expand its growing flexible grid solutions project portfolio for a total consideration of £144,000.
The AIM-listed group stated £72,000 was payable now, while a further £72,000 was due at financial close, with the group also striking an agreement with FPC Electric Land on a 30-year project land lease.
Chief executive Scott Kaintz said: "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."
As of 0855 BST, Corcel shares were up 14.14% at 2.0p.
Corcel (CRCL)25 Apr 2024 15:47
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