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Aggregated Micro Power Holdings gets financial support for its Ashford Kent Peaker Plant

Contributed by editor on Feb 15, 2017 - 01:44 PM

Aggregated Micro Power Holdings PLC, specialists of wood fuel and the development of distributed energy projects, has recently secured GBP 14.1 million to finance the construction of a Peaker plant in Kent. It will be the company's first ever Peaker plant in the English county.
 





The financing was granted by Triple Points Investment Management LLP, a private investment company, and Triple Point Lease Partners.

 

"This is our first peaking plant project to reach financial close," said Richard Burrell, CEO of Aggregated Micro Power Holdings. "Aggregated Micro Power 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."

 

The construction project, which is also known as Ashford Power Ltd, will develop engines that can generate energy using natural gas instead of oil. The engines are expected to hold a total capacity of 21 megawatts, which will be used in cases of high-energy demand in the UK.

 

Natural gas resources will save the country money from importing oil from other countries.

 

Photo: Pixabay

 

As one of the leading nations in the world, the UK has depended on oil for many years. The commodity has been an important factor in the country's economy since 1960, which was the time when the UK began to develop strategic reserves found off its shores in the North Sea. In 2014, the UK’s Department of Energy and Climate Change said that power consumption in the UK was recorded at 2,249 TWh, which is equivalent to 193.4 million tons of oil.

 

In an article by financial website FXCM, it was reported that Britain produced about 3,000 barrels per day in the 60s, “and most of the oil was imported”. However, after the discovery of huge oil and gas deposits in Groningen, Holland in 1959, explorations began in the southern region of the North Sea.

 

Despite current oil explorations, and the huge amounts of the commodity that the country has been producing, the demand for energy rises every day in the UK. If the demand continues, the likelihood of the country being able to meet such demands would mean they would have to important more. This is the exact reason the UK has turned its attention to renewable energy and a more sustainable future.

 

The Ashford Power Ltd project was given a capacity market contract, which is an agreement that assures the energy produced on the site will be at a fixed price. Capacity market contracts are being given by the UK government to make sure that companies are making enough ventures in future capacity to guarantee that the UK has enough supply to meet the surging demands.

 

The project has begun construction, and it is anticipated that it will be completed before October 1, 2017.


 

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