Hot Features
Premium
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Secures agreement for multiple power generation sites with established commercial landlord for the South West and South Wales
Plutus PowerGen plc, the AIM listed power company focused on the development, construction and operation of flexible stand-by electricity generation in the UK, announces that its wholly owned subsidiary, Plutus Energy Ltd, has successfully completed an agreement with London & Devonshire Trust, a leading independent property developer in the South West of England, to source land with connection capacity suitable for the construction of a number of individual 20MW flexible generation facilities and under pre-agreed lease terms.
This agreement, which follows a Letter of Intent signed with LDT outlined in the Company’s Admission Document, is in line with PPG’s strategy to develop 200 MW of flexible stand-by power generation sites over the next three years.
Both LDT and Plutus Energy have been working to the spirit of the LOI and accordingly, the Company announces that it has successfully completed the first lease with LDT in the South West that will support 20MW of flexible generation. Furthermore, LDT has submitted grid connection requests on land capable of supporting 140MW of flexible generation in the South West of England and South Wales on behalf of Plutus Energy.
PPG CEO Phil Stephens said, “Plutus Energy is delighted to conclude this formal arrangement with LDT, which represents a very strong partnership in a key region. In particular, we believe that by signing the first lease for 20MW and submitting connection applications with a high likelihood of success, we are proving the value of our approach of partnering with reputable landlords as the basis for managing the key risks within our business model.”
Daniel Stephenson, Managing Director of LDT, commented “LDT is equally pleased to conclude this arrangement with Plutus Energy, as energy represents a key strategic driver for successful development of land and assets in our core region. We believe that the new energy market, and the need for security of supply, is an opportunity for businesses in the South West.”
