Parkmead Group (The) PLC Update on Renewable Energy Projects (9400B)
October 06 2022 - 2:00AM
UK Regulatory
TIDMPMG
RNS Number : 9400B
Parkmead Group (The) PLC
06 October 2022
6 October 2022
The Parkmead Group plc
("Parkmead", the "Group" or the "Company")
Strong revenue growth at Kempstone Hill and progress on
high-impact Pitreadie renewable energy project
Parkmead, the independent energy group, is pleased to provide an
update on its onshore renewable energy projects in the UK.
Acquisition of Kempstone Hill Wind Farm now fully integrated,
record electricity revenue
The acquisition of the Kempstone Hill Wind Farm, completed in
February 2022, has now been fully integrated into the Group. The
acquisition was immediately revenue and cash flow enhancing. In the
last 12 months the wind farm generated 2,850 MWh with a 99.7%
availability, enough to power up to 1,000 homes. Kempstone Hill
benefits from an attractive inflation-linked, Feed-in Tariff
through until 2036. The annual PPA was renegotiated for the year
commencing 1 August 2022 and this has seen wholesale export
electricity prices increase by nearly 250% leading to a significant
boost in near term cashflow.
Parkmead has been assessing a number of opportunities to further
enhance the Kempstone Hill Wind Farm, such as the potential
inclusion of solar power generation, and expanding sales of
electricity to local industrial users.
Enhanced opportunity for hybrid renewable energy development at
Pitreadie
Initial feasibility studies on the Pitreadie project have
confirmed the potential for a wind farm development.
The major shift in the electricity generation market has changed
the dynamics of renewable projects and Parkmead has decided to
progress Pitreadie based on a hybrid of renewable technologies,
rather than one just focused on wind. To that effect, Parkmead is
progressing the necessary work required to allow the Company to
consider submitting a full planning application for a combined wind
and solar farm, with added potential for a battery storage
unit.
Tom Cross, Executive Chairman, commented:
"The Kempstone Hill Wind Farm acquisition has been complementary
to our earlier stage, high-upside renewable energy projects, which
we are now progressing at pace. We are delighted by the
contribution made to date by Kempstone Hill to the Group,
especially considering the significant upside arising from the
increases in wholesale electricity prices seen in the last 12
months.
The Parkmead team continues to assess all opportunities to
expand our Renewable Energy division, both organically and through
acquisition."
Enquiries:
The Parkmead Group plc +44 (0) 1224 622200
Tom Cross (Executive Chairman)
Ryan Stroulger (Chief Financial
Officer)
finnCap Ltd (NOMAD and Broker
to Parkmead) +44 (0) 20 7220 0500
Marc Milmo / Seamus Fricker
- Corporate Finance
Andrew Burdis - ECM
About Parkmead
The Parkmead Group is an independent, UK and Netherlands focused
energy business. Its shares are listed on the AIM market of the
London Stock Exchange (AIM: PMG). The Group currently produces
natural gas from a portfolio of four fields across the Netherlands
and holds significant additional oil and gas interests. Parkmead is
also developing renewable energy opportunities within its
portfolio.
For further information please refer to Parkmead's website at
www.parkmeadgroup.com
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END
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