Mast Energy Developments PLC (LSE:MAST) rose 8% as it concluded a binding joint venture agreement with Proventure Holdings, an India-based renewable energy investments group.
Proventure has to make an initial interim payment of £2 million to the Joint Venture SPV by 10 November 2023 at the latest.
The revised completion date and the payment of the balance of the investment due of £3.9 million is now expected by no later than 30 November 2023.
The JVA referred to above also commits both parties to finalise terms on a second joint venture, said flexible power group Mast.
Pieter Krügel, Mast’s chief executive, commented: "We are delighted to have concluded the agreement with the replacement lead investor."
Shares were up 0,09p to 1.18p.