(Alliance News) - Corcel PLC on Wednesday said it has sold its 40% stake in the Tring Road 50 megawatt gas peaking project outside of Aylesbury to reduce its recently restructured debt.
Corcel is a London-based natural resource exploration and development company.
The interest was sold for GBP317,946 to private equity firm Terra Firma Ltd, with GBP121,146 to be paid immediately and a further GBP196,800 at completion.
Chief Executive Scott Kaintz said: "The disposal of the Tring Road gas peaking project and the memorandum of understanding in respect of the restructuring of the company's Papua New Guinea based battery metal interests through the proposed Singaporean joint venture with NPC announced in October, are significant milestones in the ongoing transformation of Corcel's business interests."
NPC stands for Shandong New Powder COSMO AM&T.
Corcel shares were down 0.2% to 0.32 pence on Wednesday afternoon in London.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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Corcel (CRCL)