StockMarketWire.com - Energy storage company RedT Energy said it no longer expected to reach financial close on the first project in its German project portfolio in the current calendar year.

The company said it was now targeting financial close in the new year, without being more specific.

The extension stemmed from recent modifications to the German market bidding mechanism, which required the project partners to undertake additional analysis, RedT said.

The maiden 40 megawatt hour project in Germany was part of a 700MWh portfolio there.

RedT also announced that it had around 90MWh of energy storage projects currently under development, with a development pipeline comprising more than 1,500 units.

That figure was a subsection of RedT's overall pipeline, the company added, which it said stood at £1.07bn and comfortably covered analyst forecasts in the market for product sales over the next two years.

RedT reiterated that it was looking for strategic partners and had appointed financial advisers to assets with that process.




Story provided by StockMarketWire.com