Mast Energy inks JV for holiday park power, warns on online articles
Mast Energy Developments PLC on Tuesday warned investors to disregard online ‘sponsored articles’ not issued via official company channels.
Shares in the company dropped 49% to 89.00 pence in London on Tuesday afternoon.
Mast also announced it has signed a head of terms for an exclusive joint venture to develop, construct and operate off-grid power and heat supply solutions for UK holiday parks.
The developer of reserve power generation plants said the new partnership, with UK-based Avanti-E Ltd, targets a growing market of around 4,700 holiday parks, most of which require secure power and heat supply beyond the national grid.
Under the agreement, Mast and Avanti plan to deploy private wire power purchase agreements (PPAs) offering holiday parks cheaper and more reliable energy. The companies aim to develop around 25 megawatts of capacity in the short term, scaling up to 100 MW in the medium term. A first project, requiring around 5 MW, has already been identified.
Chief Executive Officer Pieter Krugel said the strategy complements Mast’s existing operations and aligns with its goal to build a 300 MW portfolio.
‘We are thrilled to join forces with Avanti-E and look forward to updating the market with further positive developments,’ he added.
Separately, Mast Energy said it has become aware of ‘sponsored articles’ recommending the company or its shares on websites such as Global Gazette, Guardian Globe, and UK Finance Pulse.
The company said it did not commission or endorse these articles and urged investors to rely only on official announcements via the London Stock Exchange’s regulatory news service or the company’s website.
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