Quantum Data Energy (LSE:QDE) has announced that its Bordesley 5 MW flexible generation project has now achieved 'Substantial Completion' under its Capacity Market agreement, hit grid energisation and G99 compliance, and synchronised its first generator to the grid.
The London-listed flexible power generation developer said commercial operations at the site remain on track for the fourth quarter, within budget.
Bordesley is funded in partnership with Power Balancing Services, which holds a 65% equity stake at the project level against Quantum's 35%, having reached financial close in March and entered construction shortly after.
The Substantial Completion Milestone was certified by an Independent Technical Expert and approved by the EMR Delivery Body on 30 September, securing the project's T-4 Capacity Market agreement covering delivery years up to and including 2039/2040.
The high-voltage connection to National Grid Electricity Distribution was energised on 8 September, G99 witness testing was signed off on 29 September, and the first of two Caterpillar G3520K gensets was synchronised to the grid the same day, with the second generator's commissioning continuing.
Electrical, gas and civil works are substantially complete, with final stoning-up and perimeter fencing due in early October.
"Upon commencement of commercial operations, Bordesley will become our third operational flexible generation asset, alongside Pyebridge and Hindlip," said chief executive Pieter Krügel, adding that it marks "a further step in implementing our strategy to build a portfolio of 300+ MW of flexible generation assets."
Quantum separately renewed the project finance facility at its wholly owned Pyebridge subsidiary, which it drew from RiverFort Global Opportunities to fund a plant refurbishment that has since driven Pyebridge to record output.
The facility's outstanding balance stands at £2.29m after voluntary early repayments, with interest paid quarterly and a new maturity date of 1 October 2027.
Quantum has granted RiverFort 26.14m warrants exercisable at 2.5p for three years, which would yield about £654,000 if exercised in full, and says it intends to refinance the facility with a third party on more favourable terms in due course.
The company is also issuing 4.22m new shares at 2.25p, the closing bid price on 2 October, to part-settle a legacy creditor balance at subsidiary Sloane Developments for £95,000.
Admission of the settlement shares is expected on 9 October.
Construction completion, genset commissioning and performance testing, and final snagging and handover at Bordesley are all targeted for October, ahead of commercial operations in the fourth quarter.