MAST Energy Developments PLC announced further to the Company's previous announcement dated 26 April 2024, MED has now officially launched the 2nd Phase of the work programme at its Pyebridge asset. Pyebridge Power Ltd. (Pyebridge) has signed an Engineering Works contract with the Pyebridge site's O&M contractor, Cooper Östlund regarding the full long-block overhaul of one genset, and certain essential improvements to the site. The expected timeline to completion of the work and commercial operations date of the refurbished genset is around 8 weeks.

During the time that the work on the one genset will be performed, it is expected that the site's other two gensets will remain operational and will continue to generate revenue via its PPA with Statkraft. Pyebridge will also keep receiving its current Capacity Market contract income from the government. Once the work on the first genset has been completed, Pyebridge should have 3 gensets operating and generating at optimum capacity.

The plan is to overhaul the other two gensets in due course, in order to maximise full reliability, efficiency and revenue generating ability in the most cost-efficient manner. The total costs for the above referred works on the one genset overhaul will be funded under the new Funding Agreement with RiverFort, as previously announced on 28 February 2024, with Pyebridge as the borrower. As such, the board of MED has agreed with RiverFort a 2nd Advance against the Funding Agreement amounting to a gross total of £1,177,107.

The gross draw includes a VAT funding element, and once the associated VAT has been reclaimed, and an expected refund for the replaced long-block been received, it will be paid back to RiverFort (anticipated to be in June), resulting in a net 2nd Advance of c. £836,670. The proceeds from the 2nd Advance will solely be used for the above-mentioned works at Pyebridge on the genset engine overhaul. The 2nd Advance accelerates the overhaul of the first engine, and once the work is completed will result in additional revenue being generated sooner than expected.