logo-loader
viewRegency Mines PLC

Regency Mines acquires stake in UK energy storage and solar developer

“We are delighted to expand our flexible grid solutions business with multiple new UK projects," said chief executive Scott Kaintz

Regency Mines PLC - Regency Mines acquires stake in UK energy storage and solar developer

Regency Mines PLC (LON:RGM) has struck a deal to acquire a 50% interest in Weirs Drove Development Ltd (WDD), a developer of energy storage and solar projects in the United Kingdom.

The venture starts with an initial site in Cambridgeshire. This flagship project, in Burwell, will be for 30 megawatts and benefits from an offtake with a subsidiary of Shell New Energies, Litejump Ltd.

READ: Regency Mines launches Flexible Grid Solutions

Regency is acquiring the stake via its Flexible Grid Solutions division and it is paying £25,000 in cash for the acquisition and commits to lend £100,000 once the first project becomes ‘shovel ready’ which is expected soon.

To support this new activity, Regency is raising £200,000 with a share placing arranged by the company at a placing price of 1p per share, a 5.3% premium to Thursday’s closing price. The principles of Weirs Drove Development participated in the share placing, taking £30,000 of the shares.

“We are delighted to expand our flexible grid solutions business with multiple new UK projects, several of which have early potential to be revenue-generating and one of which comes with an offtake offer from Limejump, a Shell subsidiary,” Scott Kaintz, Regency chief executive said in a statement.

“This acquisition is intended to deliver our key corporate objectives of near-term cash generation and follows our recent discounted debt acquisition bolstering our Battery Metals business, which is already benefitting from recent encouraging movements in Nickel prices.

“The Flexible Grid Solutions division, with its low-risk near-term cash flow potential in the UK, continues to offer Regency investors an attractive balance to the significant blue-sky upside of the Company's battery metals mining portfolio,” he added.

Quick facts: Regency Mines PLC

Price: 0.9 GBX

LSE:RGM
Market: LSE
Market Cap: £1.71 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Regency Mines PLC named herein, including the promotion by the Company of Regency Mines PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Regency Mines CEO discusses new storage and solar opportunity and latest at...

Regency Mines PLC's (LON:RGM) CEO Scott Kaintz discusses with Proactive London's Andrew Scott the acquisition of a 50% interest in Weirs Drove Development Ltd (WDD) - a developer of energy storage and solar projects in the United Kingdom. Kaintz also reports on a positive outcome from the...

2 weeks, 6 days ago

2 min read