Plutus PowerGen PLC Two Further UK Flexible Energy Sites Commissioned (7834X)
29 November 2017 - 6:00PM
UK Regulatory
TIDMPPG
RNS Number : 7834X
Plutus PowerGen PLC
29 November 2017
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
29 November 2017
PLUTUS POWERGEN PLC ("PPG" or the "Company")
TWO FURTHER UK FLEXIBLE ENERGY SITES COMMISSIONED
Plutus Powergen Plc, the AIM listed power-company focussed on
the development and operation of flexible energy generation
('FlexGen') projects in the UK, has brought a further two new power
generation facilities into operation.
Overview
-- Two new 20MW FlexGen sites commissioned in Stowmarket, Suffolk
-- Facilities can be switched on at a moment's notice at times of peak demand
-- Plutus is now operating four 20MW FlexGen sites in locations across the UK
Charles Tatnall, Executive Chairman of PPG, said: "Intermittent
renewables increasingly put pressure on a tightening power market;
our FlexGen solutions help alleviate this deficit and ensure that
the power stays on, even during periods when a higher than average
supply level is required. We now have four operating sites with
80MW capacity between them and other new sites in development. As a
result, our investment case, which positions Plutus as a low-risk,
asset-backed company with stable revenue streams, continues to
strengthen."
The Company's two new 20MW FlexGen sites, located in Stowmarket,
Suffolk, hold capacity mechanism contracts for 15 years starting in
2020 and are pre-qualified for next year's T-1 2018 capacity
mechanism auction. The Stowmarket sites are two of nine sites held
in partnership with Rockpool Investments LLP ('Rockpool'), which
has provided funding for their development for which Rockpool also
pays management fees to PPG in return for PPG overseeing the
construction of the assets and for managing them on an ongoing
basis.
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.
**ENDS**
For further information, please visit www.plutuspowergen.com, or
contact:
Charles Tatnall Plutus PowerGen Plc Tel: +44 (0) 20
3705 8350
Phil Stephens Plutus PowerGen Plc Tel: +44 (0) 20
3705 8352
Andrew Craig Cantor Fitzgerald Tel: +44 (0) 20
Europe 7894 7000
Richard Salmond Cantor Fitzgerald Tel: +44 (0) 20
Europe 7894 7000
Isabel de St Brides Partners Tel: +44 (0) 20
Salis Limited 7236 1177
Olivia Vita St Brides Partners Tel: +44 (0) 20
Limited 7236 1177
Notes to Editors
Plutus PowerGen Plc is an AIM listed company focused on the
development, construction and operation of flexible stand-by power
generation sites in the UK. At present, the market dynamics for
flexible power generation are positive due to the continued
downward pressure on capacity available to National Grid to balance
supply and demand, leading to its announcements about possible
power shortages over the next few years. Flexible power generators
such as PPG offer a viable and timely solution to the power
capacity shortfall in the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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