Bordersley11 Feb 2026 11:03
PK doesn't want you to know of course, but don't run away with Bordersley hopes. Based on Pyebridge, and when fully ramped up, expect an annual Bordersley operating profit of no more than £400,000. That is before whatever share the new funder will take. And if, like any funder it has control, Bordersley won't be able to pay anything up to Mast except by way of a dividend which can only be declared (and agreed by whoever has control) after a full financial year. - ie not before 2028.
Bordersley is better for Mast than the others will be because it's spent much more than expected and the new funder will be a smaller proportion (although if by way of a loan will have control until its repaid). Since acquisition in 2018 (2018 note) Bordersley has been a dogs breakfast - I make it will have spent at least £5m so far (excl the new funder) which for a 5 MW plant is eye-wateringly expensive. It means the return on capital Mast will have made is pathetic, and wouldn't be accepted by any normal industrialist. Only by Walter Mitty.
Its because all his plants will be like this and whatever tiny cash flow is late, that our Walter will have to keep coming back to shareholders just to keep going. let alone expanding. Since our Walter and his predecessor acquired Bordersley and boasted it would be operating in 2020, Mast has only managed to get 5.4MW operating and another 15MW or so actually funded but a long way from producing cash. So the ramping brilliant mathematicians on here will be able to work out how long Walter will take to get to 300MW. Hope they have a nice day !