Marechale solar scheme wins planning approval

Marechale Capital said Kettering Borough Council has granted planning permission for Northfield UK Solar’s 49.9 megawatt solar scheme at Desborough, in which it has a 26% equity stake.

The company, which invests in the retail and renewable space, said that if the project is successful at the next Department of Energy and Climate Change Contract for Difference auction, originally scheduled for October but now delayed until further notice, there may be “significant additional value” for Marechale and the other Northfield shareholders.

In addition, Marechale said it continues to wait for the outcome of the planning appeal on Northfield's other solar scheme proposed at Stanford, which is expected this autumn.

It added that in light of last week's significant share price rise, the approximate value of the net assets on its balance sheet is currently around £850,000.

“While the directors believe there is potentially significant additional value in Marechale Capital's investments, including Northfield, which may be realised above their book value there are significant risks involved in achieving this,” it said.

At 1507 BST, shares were down 61% at 3.33p.