TIDMPPC
RNS Number : 4312R
President Energy PLC
05 November 2021
5 November 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Announcement made by Atome Energy PLC
President Energy (AIM: PPC), the energy company with a diverse
portfolio of energy assets provides an update in relation to its
subsidiary Atome Energy PLC
Announcement by Atome Energy PLC
President is pleased to note the text of an announcement made by
Atome Energy PLC with the important information that a Memorandum
of Understanding has now been signed with ANDE, the national
electric power company of Paraguay, for supply for up to 250 MW of
power. The text of such announcement is set out below.
ATOME ENERGY PLC
MEMORANDUM OF UNDERSTANDING SIGNED
ATOME Energy PLC ("ATOME" or the "Company"), the green hydrogen
and ammonia production company, an offshoot of President Energy
PLC, due to join the London Stock Exchange later this year, is
pleased to announce the signing of a Memorandum of Understanding
("MOU") with ANDE, the national electric power company of Paraguay,
for the supply of up to 250 megawatts of power for its production
facility.
The facility will be uniquely situated at the future economic
zone within the Technology Park of Itaipu, adjacent to the Itaipu
Binacional dam jointly owned by Paraguay and Brazil, the second
largest hydroelectric dam by output in the world.
The MOU is a precursor to a full form definitive Power Purchase
Agreement, which is planned for next year in order to facilitate
the commencement of production in late 2023 to early 2024.
The facility's location, which is in cooperation with the
Paraguayan arm of Itaipu and in close proximity to the power
source, as well as being adjacent to the borders of Argentina and
Brazil, is a significant commercial and logistical advantage,
combined as it is with available land, water access and transport
links.
ATOME places Paraguay as its primary focus of investment for
hydrogen and ammonia in the Americas. The Company will concentrate
on the development of its project in Paraguay without distraction
and in an expeditious way.
ATOME will initially concentrate on servicing the domestic
market and will promote the Paraguayan decarbonisation strategy set
out by the Government of Paraguay, creating local employment and
stimulating the economy.
ATOME, through its parent President Energy, has for 10 years
been a leading investor in Paraguay with over US$100 million
invested to date, with another US$20 million of investment
projected to be made in 2022, outside ATOME's project.
Alongside Peter Levine, who is well known in Paraguay, the
Chairman of both President Energy and ATOME, as well as their
largest shareholder, the companies also have as their second
largest shareholder Trafigura, the worldwide commodity and
logistics business which owns the Puma brand of fuel distribution
and filling stations in Paraguay.
James Spalding, the former Paraguay General Director of Itaipu
and now Head of ATOME Paraguay, commented as follows:
"We are very pleased with the signing of this MOU with the
President of ANDE as it represents a new concrete step forward.
With the framework in place, we can continue with ATOME's plan to
install a cutting-edge green hydrogen and ammonia production plant
in cooperation with the Technological Park of Itaipu Binacional. On
behalf of the ATOME team, I would like to reaffirm our commitment
to make strong and swift progress to support Paraguay's
decarbonisation strategy and economic development, based on clean
and renewable energy supplied by Itaipu."
Felix Sosa, President of ANDE, stated as follows:
"Paraguay's energy must be used as the main engine of the
country's economic and social development and for this it is
necessary that the industrial sector is further developed. We look
with great enthusiasm at the coming of international investments to
Paraguay even more when they bet on innovative processes focused on
sustainable development."
For additional information please visit www.atomeplc.com or
contact:
Contact:
ATOME ENERGY PLC +44 (0) 20 7016 7950
Nikita Levine, Investor Relations nikita.levine@atomeplc.com
Beaumont Cornish (Nomad on Admission) +44 (0) 20 7628 3396
Roland Cornish, Michael Cornish
finnCap (Joint Broker) +44 (0) 20 7220 0500
Christopher Raggett, Tim Harper
SP Angel (Joint Broker)
Richard Hail +44 (0) 20 7409 3494
Blytheweigh (Public Relations) +44 (0) 207 138 3204
Tim Blythe, Alice McLaren, Madeleine atome@blytheweigh.com
Gordon-Foxwell
- Ends -
Contact:
President Energy PLC
Rob Shepherd, Group FD +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
Notes to Editors
President Energy is an oil and gas company listed on the AIM
market of the London Stock Exchange (PPC.L) primarily focused in
Argentina, with a diverse portfolio of operated onshore producing
and exploration assets.
The Company has operated interests in the Puesto Flores,
Estancia Vieja, Puesto Prado and Las Bases Concessions, and
Angostura exploration contract, all of which are situated in the
Rio Negro Province in the Neuquén Basin of Argentina and in the
Puesto Guardian Concession, in the Noroeste Basin in NW Argentina.
Alongside this, President Energy has cash generative production
assets in Louisiana, USA and further significant exploration and
development opportunities through its acreage in Paraguay and
Argentina.
President has as one of its subsidiaries, Atome Energy PLC , a
hydrogen and ammonia production company
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets capable of
delivering positive cash flows and shareholder returns. With a
strong strategic and institutional base of support, including the
international commodity trader and logistics company Trafigura, an
in-country management team as well as the Chairman whose interests
as the largest shareholder are aligned to those of its
shareholders, President Energy gives UK investors access to an
energy growth story combined with world class standards of
corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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END
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