Rochdale

 Refer RNS Announcements for latest updates on Rochdale

Introduction

The Rochdale Project (“Rochdale) is a 4.4 MW capacity near shovel ready Reserve Power (“RP”) site for the installation of gas-powered Reserve Power plant, acquired by MED in October 2021.  Rochdale  is located in the West Midlands.

Summary of Salient Project Characteristics

Power Generation Ready - Near Shovel Ready

  • Current grid connection capacity of 4.4 MW, upwardly adjustable to 7.5 MW.
  • A Freehold site with a Grid Connection Offer and a Gas Connection Offer secured.
  • planning and permitting already in-place.
  • RP plant  is expected to be in operation  by Q2 2022.

Revenue Creation and Commercially Attractive

  • Estimated Internal Rate of Return (“IRR”) of c. 15.22%.

Guaranteed Income

  • Revenue will be created by selling electricity generated to blue chip off-taker in terms of existing contractual arrangements MED have in place into rapidly growing target market.
  • Rochdale will provide additional revenue opportunity, increasing the overall revenue stream by adding to the Bordesley project (5 MW), currently under construction and Pye Bridge (9 MW ) project, already in production.

Mitigate Investment Risk

  • Mitigate investment risk materially through further project diversification.

Project Acceleration

  • EPC offer being evaluated by Owner’s Engineer, Encora.

Rapidly growing project market

  • Rochdale can take advantage of increasing volatility arising from structural shift from fossil fuels to renewable sources and rising spend on gas and electricity is resulting in tight capacity margins during peak times.

Strategic Platform

  • Rochdale will solidify the creation of a strategic platform from which it can significantly accelerate the development of its project portfolio by developing multiple sites in parallel.