Divestment of non-core acreage and acceleration of renewable energy project
Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased to announce it has completed two successful sales of two separate areas of non-core land from its UK renewable energy portfolio for an aggregate consideration of £4.0 million.
This divestment follows detailed analysis carried out across the Group's onshore land portfolio. Sites with the largest renewable energy potential have been retained and high-graded, with a strategy to divest non-core land. These sales are in line with this strategy.
Parkmead has identified substantial wind energy potential at one location within its renewables portfolio, some 15 miles west of Aberdeen. The acreage has excellent average wind speeds and lies adjacent to the Mid Hill Wind Farm which contains 33 Siemens wind turbines with a generating capacity of around 75 megawatts (MW). Technical studies are already underway on this site.
Parkmead continues to advance its renewable energy opportunities through its in-house technical and commercial expertise, working with regional experts. This will ensure that the Group is able to maximise the upside value from its assets in the renewables sector.
Tom Cross, Executive Chairman, commented:
"Parkmead continues to build a portfolio of high-quality energy projects through organic applications, acquisitions and active asset management. The successful divestments of the non-core land are a testament to the team's ability to ensure value is derived from its portfolio of assets.
Parkmead is excited about the potential of its renewables portfolio, having already identified a number of locations for possible renewable energy opportunities within the Group's remaining onshore acreage.
In addition, as well as these organic opportunities to increase shareholder value, our team continues to carefully evaluate further renewable energy acquisitions that will complement our gas and oil projects."
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 / Emily Watts / Matthew Radley - Corporate Finance
Andrew Burdis / Tim Harper - ECM
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