MED plans to site small reserve power plants ‘at scale and pace’ following listing

MAST Energy Developments (MED) has said it will have 49MW of small generation providing reserve power in operation within a year, following a planned  listing on the London Stock Exchange on 14 April.

The company said it has raised over £5 million from a share placing for its upcoming IPO, giving it a market capitalisation on listing of  around £23 million.

MED’s aim is to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in reserve power market, saying that the renewable energy market needs natural gas as a back-up source of energy given renewable supply can be intermittent.

The company has identified “shovel ready” sites in the UK. It said that on listing it will have 9MW in immediate production capacity and it will be in a position to develop “at scale and pace, as opposed to a project-by-project basis” with .20 MW in production capacity within the first six months from listing, and another 20 MW in production capacity over the next six months. Further projects are in the pipeline.

MED is currently a 100% subsidiary company of Kibo Energy Plc and Sloane Developments.

Louis Coetzee, CEO of Kibo, said, ”With strong institutional and retail support having raised in excess of £5m, MED now looks forward to listing on the London Stock Exchange on 14 April 2021.  Thereafter, it will hit the ground running, rapidly building production and strengthening its position as a key energy provider supporting the UK’s transition to renewable energy.” MED will remain a Kibo subsidiary after listing with Kibo holding 55,42% interest.

Kibo’s other projects are coal-fuelled power projects in Tanzania, Botswana and Mozambique.

Further reading

Coal falls to single unit in top-up Capacity Market auction that highlights growing pool of distributed generation

System Operator warns no more firm reserve or STOR procurement as it mulls day-ahead products