The energy firm said under the deal, which was originally announced in May, MAST had acquired a 5 megawatt gas-fuelled power generation plant, which was targeting commercial commissioning at the end of the first quarter of 2020, as well as an option to lease the land for a project site and offers to connect to the electrical and gas grids.
MAST has paid £175,000 in cash for Bordersley in addition to £2,000 in reimbursement costs to the SPV vendor related to the gas grid connection offer.
The company added that negotiations were now underway with German energy trader Statkraft Markets for a power purchase agreement.
Louis Coetzee, Kibo’s chief executive, said the acquisition was “a key milestone” in MAST’s efforts to become a key player in the UK’s flexible power market.
In late-afternoon trading on Friday, Kibo’s shares were up 5.1% at 1p.