Mast Energy Developments PLC (LSE:MAST) jumped 15% as it confirmed refurbishment work has started on a second flexible power generator at Pyebridge.
A first refurbished generator brought in revenues of £57,000 in its first month of operation, prompting it to accelerate the work on the second project.
Funding for the work at Pyebridge, where Mast has a power agreement with Statkraft, Europe’s largest renewable generator, is through a facility with Riverfort.
Pieter Krügel, Mast’s chief executive, commented: "We are pleased to have officially initiated the 2nd genset's overhaul, following the successful completion of the 1st genset's overhaul and its positive maiden performance results.
“It is expected that the completion of the 2nd genset's overhaul will not only see additional enhanced revenue generation via the Pyebridge site's PPA with Statkraft, but also enable the application for an enhanced CM contract which will further boost income.”
Mast shares rose by 0,03p to 0.19p.