Corcel Plc announces acquisition of third 50MW flexible energy project
LONDON, UK: Corcel Plc, the natural resource exploration and development company, announced exclusive rights over the acquisition of the “shovel ready” Avonmouth 50MW gas peaking project outside of Bristol from FPC Electric Land Limited.
Chief Executive Officer, Scott Kaintz commented: “Following closely behind our recent acquisition of the Tring Road gas peaking complex, we have now added a further 50MW of flexible energy generation at Avonmouth. Avonmouth is already “shovel ready”.
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.”
Corcel has acquired six months of exclusivity over a 100% interest in the Avonmouth gas peaker project from Electric Land Ltd, located outside of Bristol, England.
Consideration for the acquisition is £72,000 payable immediately, and a further £72,000 payable at financial close at the time of entering into the formal lease over the project site. Corcel also receives exclusivity over an additional 15MW grid connection and associated land at the site, giving it the rights to take on the connection for use in a potential generation or battery project on similar terms.
The Avonmouth project is a 50MW gas peaking project located approximately 7 miles Northwest of Bristol. The site location is an area of greenfield land within an established industrial estate and comprising a total of 4.36 acres. The project is “shovel ready” with a 50MW grid connection, gas connection, planning permission and land rights. Co-located at the site are two other projects, a 33MW site being developed by a third party, and a 15MW site expected to be made available for a generation or battery installation over 1.38 acres.
The Company, following comprehensive due diligence on the project, has received third party estimates of annual gross margins of between £67-101k per MW/per annum once the project is operational.
The site is expected to consist of 25 x 2MW generating units, switchgear and welfare cabins, workshop, gas pressure reduction installation, customer compound, DNO substation, comms tower, balancing pond and landscaping. Opportunities for enhanced offtake and private wire connections are currently under discussion with several industrial and commercial customers located in the area. Following financial close, the project is expected to be commissioned in approximately 12 months.
Electric Land is a specialist promoter, developer and investor in grid-connected land for renewable and renewable supporting energy infrastructure use. Electric Land creates and leases shovel ready flexible energy sites for operators to develop for all technologies, and buys ground rents of land with operational flexible energy projects in place. It is a division of the Foundation Property & Capital Group.
Corcel PLC
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27 May, 4:30 pm GMT+1 · Disclaimer
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