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Completes £3.4 million financing of first SPV for initial 20MW UK Flexible Power Generation Site
Plutus PowerGen plc, the AIM listed power company focused on the development, construction and operation of flexible stand-by electricity generation in the UK, has closed the £3.4 million equity financing of its first Special Purpose Vehicle, Attune Energy 1 Limited, with Rockpool Investments LLP. The SPV was established to finance PPG’s first 20MW flexible power generation site, without equity dilution to the Company, and is in line with its strategy to develop 200MW of flexible stand-by power generation sites over the next three years.
The total capital expenditure, working capital, fees and contingency for Attune Energy 1 is expected to be £5.4 million. As stated in PPG’s AIM admission document, the £2 million balance of the funding for each 20MW of flexible stand-by power generation is intended to be covered by an asset finance facility. The Company received the first stage of equity investment for Attune Energy 1 in November 2014 (see press release 17.11.14) and with the equity financing now completed for this SPV, the Company expects to receive the balance of funds within the next week. The sites are being built to address the need for flexible power due to the current capacity shortfall being experienced in the UK.
Phil Stephens, CEO of PPG said, “The closing of the equity funding for our first 20MW flexible energy generation site is a landmark achievement for PPG and underlines the recognition by investors of our model to deliver flexible power generation sites in the UK. We are now in a strong position to progress development of our first project in the south of England, and with signed funding proposals for a further three SPVs from Rockpool totalling £10.2m, we are well placed to deliver on our strategy of building 200MW of flexible power generation in the UK in the next three years.”
