LONDON: Mast Energy Developments (MED) announced updates Tuesday on its growth capital partnership with Powertree, trading revenues from its Pyebridge site and changes in significant shareholdings.
The company finalized a binding investment agreement with Powertree (Holdings) Ltd, formalizing a long-term partnership to fund flexible power generation projects. Under the deal, Powertree will invest up to £5 million ($6.3 million) in MED’s Hindlip project, covering all construction costs with no further funding required from MED.
Construction on the 7.5-megawatt Hindlip site is set to begin soon, with commercial operations expected within nine to 12 months. MED and Powertree plan to expand the partnership to additional projects in the near future.
Meanwhile, MED reported a 10% increase in February 2025 trading revenue for its Pyebridge site, reaching approximately £77,000 ($97,000) after embedded benefits payments. Preliminary March revenue stood at £86,000 ($108,000) before embedded benefits.
The company also noted a reduction in leveraged share positions held by Spreadex and Cantor Fitzgerald. Cantor Fitzgerald’s stake decreased to 0.23% from nearly 6%, while Spreadex’s position is believed to be fully closed.
“We are delighted with the successful completion of the investment agreement,” said MED CEO Pieter Krügel. “The first £5 million investment fully funds Hindlip, and we look forward to commencing construction.”
MED, which aims to expand its operational portfolio to over 300 megawatts, highlighted the importance of flexible power generation following recent blackouts in Spain and Portugal.