Active Energy Group PLC (AIM:AEG, OTCQB:ATGVF) has moved to deepen its Abu Dhabi power infrastructure push, agreeing terms to acquire a second energised grid connection asset that will take its secured capacity to about 13 MVA as it targets revenue-generating digital infrastructure operations.
The new asset comprises a 1.5 MVA grid connection, equivalent to around 1.275 MW of available load, and requires only modest upgrade works before deployment.
"Securing a second grid connection so soon after the Ghummud announcement demonstrates the momentum we are building in assembling ultra-low-cost energised power infrastructure in the region," said chief executive Paul Elliot.
Active Energy said the site is currently non-operational and consists of the energised grid connection, transformer infrastructure and associated land rights.
Once completed and upgraded, the group plans to install its modular digital infrastructure layer to provide ultra-low-cost power access for high-performance compute and digital hosting customers.
The proposed £850,000 acquisition will be funded through £450,000 in new shares issued at 0.1p each and £400,000 in deferred cash, payable in two equal instalments over 12 months after completion. The share element is priced at a premium to the 0.08p closing price on 16 March, while the vendor shares will be locked in for 12 months.
The deal follows Active Energy’s announcement, earlier this month, which detailed the proposed acquisition of the 3.5 MVA Ghummud grid connection asset in the same region.
Together, the two new sites will provide around 5 MVA of energised capacity, which the company said forms the base for its shift from development into operating digital infrastructure assets.
Paul Elliot added: "This forms the cornerstone of our strategy to transition from development to operating ultra-low-cost power infrastructure, enabling us to deploy modular digital infrastructure, secure off-take agreements and move toward becoming a revenue-generating and cash-positive business."