REG - Corcel PLC - Flexible Grid Solutions Update

CorcelAnnouncement

08/11/2021 13:25

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RNS Number : 6857R  Corcel PLC  08 November 2021

 

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.

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