Last checked at 8 Nov 2021 13:24
Corcel PLC
("Corcel" or the "Company")
Flexible Grid Solutions Update
8 November 2021
Corcel Plc, ("Corcel" or "the Company"), the natural resource exploration and development company with interests in battery metals and flexible grid solutions, announces an update across its UK based transitional energy project portfolio.
Tring Road 50MW / Avonmouth 50MW Gas Peaker Projects
As announced on 14 October 2021, the Company confirms that, following a comprehensive marketing process, it is now in advanced discussions with select investors for its Tring Road and Avonmouth gas peaker projects. The Company is delighted to report that these projects have attracted significant interest as they are seen as critical to the UK's transitional energy strategy, providing flexible energy supply to support the inherent volatility of the UK renewables supply; particularly wind and solar.
In support of these discussions, the Company has agreed with FPC Electric Land Ltd to extend its 100% rights over the Avonmouth project to 1 February 2022 and is in discussions with Arlington Energy Ltd regarding extending the option to lease the site at the Tring Road Project, where Corcel owns 40%.
Burwell 50MW Battery Storage Project
Corcel has been informed by UK Power Networks of an extension of its 100MW grid connection offer at Burwell beyond December 2021 and also an extension of the Company's obligation to make any payment at that date. This extension in part reflects anticipated grid upgrade works that may be undertaken in the Burwell area which, if confirmed, would affect all projects in the area and likely delay the connection date of the Burwell site and other such sites. The Company awaits further details regarding any works required and the revised connection date and associated payment schedule and the impact that may have on the Company's previously indicated target of 2022 for the project to become operational. Meanwhile the Company continues to explore potential partnership arrangements for the project, including with the new site landowner.
The Company will provide additional updates on its portfolio as appropriate.
For further information, please contact:
Scott Kaintz 020 7747 9960 Corcel Plc CEO
James Joyce / Andrew de Andrade 0207 220 1666 WH Ireland Ltd NOMAD & Broker
Simon Woods 0207 3900 230 Vigo Consulting IR
This announcement contains inside information under Article 7 of Regulation (EU) 596/2014.