Aggregated Micro Power Holdings plc, (AIM: AMPH), which specialises in the sale of wood fuels and the development of distributed energy projects, announces that it has secured £14.1m of funding for the financing of its first peaking plant project Ashford Power Limited.
The project is situated on the Kingsnorth Industrial Estate in Kent and is for 21MW of natural gas reciprocating engines selling power to the grid at times of peak demand. The project won a Capacity Market agreement in 2015 and will begin construction immediately with commercial operations expected to start before 1st October 2017.
Finance was provided from funds managed by Triple Point Investment Management LLP and Triple Point Lease Partners who were introduced to AMP by Guy Butler Ltd.
This is our first peaking plant project to reach financial close. AMP will earn project development fees, on-going operation and maintenance fees and has shares in the project which are subject to a hurdle return being achieved by Triple Point. Henceforth, AMP will refer to this project as AMPIL 3.— Richard Burrell, CEO