After a review of revenue projections it had sanctioned the project to proceed to “shovel ready” status
PLC (LONCRCL) has announced the buy-out of the outstanding 50% of the Burwell battery storage and solar project for £90,000, which it now intends to make operational.
Corcel said that after a review of revenue projections it had sanctioned the project to proceed to “shovel ready” status and thereafter Financial Close.
The company added it is securing the 100MW 132kV UK Power Networks grid connection offer by paying the associated deposit.
Burwell is expected to begin operations in 2022, and as such, the project will be entered into the Capacity Market auction for 2025, which would provide a fixed guaranteed source of revenue for the project over a 15-year initial period.
The Capacity Market is a government-mandated scheme which offers developers guaranteed returns to maintain a reliable energy supply and to avoid potential blackout situations in the UK.
Limejump will utilize the battery’s capacity for electricity trading purposes in the years prior to the project entering the Capacity Market, at which point the guaranteed revenue stream will come online alongside ongoing trading activities.
Results for the year to the end of June 2020 reflected the change of structure and direction of the business and Corcel reported a loss of 1.48mln, which also included costs for increased activity at nickel project Mambare.