(Alliance News) - Corcel PLC on Monday said it bought a 40% interest in the "shovel ready" Tring Road 50 megawatts gas peaking project outside of Aylesbury, England, from Arlington Energy Ltd.
The London-based natural resource exploration and development company said the project was purchased for GBP400,000, satisfied by GBP150,000 cash and 12.0 million new shares in Corcel, locked in for six months.
Corcel shares were trading 16% higher in London on Monday morning at 1.88 pence each, make 12.0 million shares worth GBP225,600.
In addition, Corcel and Arlington Energy will discuss the potential to develop additional energy storage, gas peaking and solar assets in the UK.
"The addition of the "shovel ready" Tring Road project to our existing Burwell project dramatically bolsters our position in the increasingly competitive flexible energy space here in the UK," said Corcel Chief Executive Scott Kaintz.
"We believe that gas peaking assets of this nature are essential to assist the transition to renewables and will provide significant trading margins given the variability of renewable energy production and the inherent volatility of UK energy demands," added Kaintz.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Corcel (CRCL)