Mast Energy Developments Signs Exclusive JV for Holiday Park Power Supply

The near-term test is execution speed. Heads of terms need to become binding contracts, PPAs need signing, and the first 5 MW site should reach a final investment decision and build-out on a clear timetable.

Warrants exercised: more shares in issue, modest cash inflow

Alongside the JV news, MED confirmed warrant exercises totalling 6,832,000 new shares. This includes 4,957,000 Prepaid Warrants and 1,875,000 Cash Warrants exercised at 4 pence per share.

The Cash Warrant exercise brings in cash proceeds of approximately £75,000. Prepaid Warrant exercises do not add new cash today.

Item	Detail
New shares issued	6,832,000
Admission timing	Expected 8.00 a.m. on 11 September 2025
Total shares after Admission	23,735,927
Cash Warrants exercised	1,875,000 at 4 pence per share
Cash proceeds	c. £75,000
Prepaid Warrants exercised	4,957,000

Share count impact and major holders

Post-Admission, MED’s issued share capital will be 23,735,927 shares with voting rights. By inference, the pre-Admission base was about 16,903,927 shares, so the latest issue increases the share count by roughly 40%. For existing holders, that equates to around 29% dilution of percentage ownership.

Reflecting that, disclosed holdings shift as follows:

• Paul Venter, Chair: from 11.59% to 8.25%.
• RiverFort Global Opportunities PCC Ltd: from 10.09% to 7.18%.

What’s positive in this RNS

• Clear customer problem to solve: energy security for thousands of UK holiday parks.
• Contract-led revenues: private wire PPA for power and heat at a fixed tariff plus potential Capacity Market payments.
• Early commercial traction claimed: discussions with a large holiday park developer and a first c. 5 MW site identified.
• Strategic fit: complements existing plans and supports the 300+ MW ambition.

What’s missing or still to prove

• Heads of terms only: definitive JV agreement, commercial terms and ownership split are not disclosed.
• Economics: capex per MW, target returns, PPA duration, tariff levels, and heat offtake details are not disclosed.
• Funding plan: how projects will be financed is not disclosed. Today’s cash from warrants is small relative to build costs.
• Delivery risk: the first c. 5 MW site is “identified” but not yet contracted; timelines to financial close and construction are not provided.
• Technology and fuel: the RNS does not state the generation technology or fuel source, which will matter for permitting, margins and ESG.

Key numbers at a glance

Metric	Figure
Holiday parks in the UK	c. 4,700
JV initial target	c. 25 MW
JV medium-term scale	100 MW
First site identified	c. 5 MW
Group portfolio ambition	300+ MW

Josh’s take

This is a sensible pivot into a niche with real customer pain points. If MED lands a master agreement with a major holiday park operator, replication across sites could be relatively swift, with contracted revenues and potential Capacity Market upside. That’s attractive versus purely merchant peaking assets.

However, the devil is in the details we don’t yet have: project economics, funding, and contract terms. The share count jumps meaningfully while bringing in only c. £75,000 of cash today, so further funding steps are likely if MED wants to build at pace.

What to watch next

• Signing of the binding JV agreement with Avanti-E and disclosure of JV economics.
• PPA execution with the named holiday park operator and confirmation of the first c. 5 MW project timeline.
• Capacity Market pre-qualification results for applicable assets.
• Project capex, funding structure and any non-dilutive options.
• Clarity on technology, fuel source and the heat solution offered to parks.

Bottom line

MED’s exclusive JV for holiday park power and heat is strategically coherent and potentially scalable, with the allure of contracted cash flows. It is early days and investors will want binding contracts, funding clarity and a visible build schedule. Deliver those, and this new vertical could become a meaningful contributor to MED’s 300+ MW ambition.