Plutus PowerGen PLC Advancing Development of Gas-Powered FlexGen Site (9675H)
November 21 2018 - 2:01AM
UK Regulatory
TIDMPPG
RNS Number : 9675H
Plutus PowerGen PLC
21 November 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
21 November 2018
PLUTUS POWERGEN PLC
("Plutus" or the "Company")
Advancing Development of First Gas-Powered FlexGen Site
Plutus PowerGen (AIM: PPG), the AIM listed power company focused
on the development and operation of flexible energy generation
('FlexGen') projects in the UK, is pleased to announce that its
partner, Rockpool Investments LLP ('Rockpool'), has purchased a
20MW gas-powered FlexGen site in Medway, Kent, with planning,
connections, an option to lease and Capacity Mechanism from
Reliance Energy Limited.
As previously outlined, the Company's strategy is to develop
higher margin gas operations going forward. To this end, this
Medway plant will be the first gas-powered FlexGen site developed
by the Company; under the terms of its agreement with Rockpool,
Plutus will hold a 44.5% interest in the project. The Company has a
pipeline of other gas sites, potentially more than 300MW in
aggregate, which it intends to develop with a majority
interest.
Plutus' acting CEO James Longley said, "We are delighted to be
advancing our strategy to move into the construction of
higher-margin gas-powered FlexGen sites with our first project in
Kent soon to commence development. We have an historical
relationship with Rockpool that has successfully developed multiple
sites across the UK and we look forward to continuing this as we
develop Medway. Furthermore, discussions are continuing to secure
funding for additional majority owned gas sites across the UK and
we look forward to updating the market on our progress."
**ENDS**
For further information, please visit www.plutuspowergen.com, or
contact:
James Longley Plutus PowerGen Plc Tel: +44 (0) 20 8720
6562
David Foreman Cantor Fitzgerald Europe Tel: +44 (0) 207 894
7000
------------------------- ---------------------
Richard Salmond Cantor Fitzgerald Europe Tel: +44 (0) 207 894
7000
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Andy Thacker Turner Pope Tel: +44 (0) 20 3621
4120
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Isabel de Salis St Brides Partners Tel: +44 (0) 20 7236
Limited 1177
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END
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