RedT Energy's maiden German project halted by change in bidding process

Energy storage outfit RedT no longer expects to see the financial close of its maiden German project before the end of the year, pushing its target out into the new year.

RedT's 40-megawatt hour project, part of its 700MWh portfolio across the country, was delayed as a result of recent changes to German market bidding mechanisms, meaning its project partners were required to undertake some additional analysis.

Elsewhere, RedT also announced that it had around 90MWh of energy storage projects under development in its £1.07bn pipeline of more than 1,500 units.

Chief executive Scott McGregor, said: "As demonstrated by our recent activities, RedT's underlying business is performing very well across all functions."

"In 2019, we look forward to attracting strategic investment partners, rolling out our financed C&I PV and energy storage solution and delivering our large, grid-scale 'mega' projects."

As of 0845 GMT, RedT shares had slipped 1.57% to 6.25p.