Mast Energy Developments (MED) has acquired Rochdale Power Limited, a 4.4MW (adjustable up to 7.5MW) gas engine project in Dig Gate Lane, Rochdale. It was acquired as a special purpose vehicle (SPV) from Balance Power Projects. Rochdale is a ‘shovel-ready’ project expected to be commissioned in Q2 2022.
The acquisition comes just four days after MED announced the acquisition of Pyebridge Power – an installed and commissioned 9MW gas engine site at Somerset, Derbyshire for £2.5M. Its first site is Bordeseley Power, a construction-ready site with 5MW capacity.
MED, owned by Kibo Energy Plc (55%), whose other projects are large thermal plant in Botswana and Mozambique, and Sloane Developments, has a strategic objective to become a “significant presence” in the UK reserve power market, and it is aiming to developing a 300MW reserve power portfolio, with 30–40MW in place by the end of its first year
Louis Coetzee, chief executive of Kibo, said: ” With increasing supply/demand volatility, the Reserve Power market is the fastest growing energy sector in the UK and accordingly there is significant demand for flexible power projects of this kind and at increasingly attractive economics…
“The MED portfolio currently owned by the company and under active development comprises 18.4 MW of which 9 MW is already in production, with a pipeline totalling a further 71 MW currently under assessment. We anticipate that the net profit stream from the Pyebridge, Bordesley and Rochdale facilities, totalling 18.4MW, will be £ 92,000 per month by Q2 2022, the time at which we expect all three sites to be fully operational and in steady state production.”