Plutus PPG 10% higher - Obtains Planning for First UK 20MW Flexible Stand-by Power Generation Site

Obtains Planning for First UK 20MW Flexible Stand-by Generation Site

Plutus PowerGen PLC is pleased to announce that it has received planning permission for its first 20MW flexible stand-by power generation site in Plymouth, UK. This is a landmark achievement for the Company that underpins the ongoing development of the Company’s UK project pipeline, which comprises sites with over 500MW of power generation capacity.

With planning now obtained, preparations for the civil construction phase of the project can now commence for generation in 2016. This milestone also means that the 20MW site is eligible to apply in the UK capacity mechanism auction in 2015.

Phil Stephens, CEO of PPG said, “The receipt of planning permission for the first 20MW site is excellent news for PPG, particularly as we can now participate in the UK Capacity Market. The 2014 Capacity Market prices demonstrate the compelling revenue potential of these projects, although it is important to consider that this is just one of a number of revenue streams for PPG.

“We continue to develop the pipeline which is currently over 500MW, of which 180MW is at various stages in the planning process. We look forward to providing further updates regarding the phases of development at this first site, as well as across this pipeline.”

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