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Corcel PLC - Burwell Site - Planning and Grid Connection

RNS Number : 6462Z
Corcel PLC
22 September 2020
 

 

Corcel PLC

("Corcel" or the "Company")

 

Receipt of Planning Permission and Grid Connection at Burwell Site

 

22 September 2020

Corcel Plc, ("Corcel" or "the Company"), the natural resource exploration and development company with interests in battery metals and flexible grid solutions, announces the receipt of both Planning Permission and a Grid Connection for the Burwell energy project. 

Highlights:

·      100MW 132kV connection offer received from UK Power Networks  

·      Planning permission for initial 50MW battery site granted by East Cambridgeshire District Council

 

Grid Connection

The Company announces that the Weirs Drove Development Company ("WDDC"), where it owns 50%, has received a formal Grid Connection offer from UK Power Networks, which includes undertaking the "non-contestable" (see Note 1. below) works necessary to connect the Burwell site to its UK energy network.  This offer covers a site capacity of 100MW (split 49.9MW of energy storage and 49.9MW of photovoltaic solar energy production), a 132kV power input and an import / export capacity of 49.9MW and 99.8MW respectively.  The offer is for substantially more power than originally planned, which enables a larger battery storage site alongside an adjacent solar power site.

 

Planning Approval

The Company also announces that the landlord of the Burwell site has received from the East Cambridgeshire District Council planning permission for a 50MW energy storage development.  The permission covers the existing factory and the surrounding land at the Burwell site, and specifies the installation of the main battery and a 132kV transformer on an adjacent hard stand.

 

Scott Kaintz, Chief Executive Officer, commented:

"I am delighted to report material progress at our Burwell project.  The project as permitted is over 3 times larger than originally envisioned and now incorporates both energy storage and solar production.  Once constructed, the Burwell project will be a very sizeable part of the energy network in the Cambridge area and will generate very significant cash flows for all shareholders of WDD. 

With the receipt of both planning and the grid connection, we are now able to finalise the land lease, assess final project economics and validate procurement timelines, all with a view to either initiating discussions with project funders (likely at an SPV level) or indeed to consider a quick sale of the project to a third party. 

Advancing projects such as these is a key element of Corcel's strategy, and  providing flexible grid solutions remains on-trend with the evolution of the UK energy grid and its future requirements.  We look forward to releasing further updates in due course."      

Note1: Connection works that can only be carried out by the distribution network operator for the safety and security of the distribution network.  

 

For further information, please contact:

 

Scott Kaintz 020 7747 9960                                                            CEO Corcel Plc

Roland Cornish/ Rosalind Hill Abrahams 020 7628 3396           NOMAD Beaumont Cornish Limited

Jason Robertson 020 7374 2212                                                   Broker First Equity Limited

 

This announcement contains inside information under Article 7 of Regulation (EU) 596/2014.

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Quick facts: Corcel

Price: 0.9899

Market: LSE
Market Cap: £1.89 m
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