LONDON (Alliance News) - Plutus PowerGen PLC said Wednesday its partner Rockpool Investments LLP bought a stake in a 20 megawatts gas-powered FlexGen site in Kent from Reliance Energy Ltd.
Plutus, which focuses on the development and operation of flexible energy generation projects in the UK, said that the acquired plant will be the first gas-powered FlexGen site developed by the company.
Plutus will hold a 44.5% stake in the plant, under an agreement with Rockpool.
Plutus's acting chief executive officer, 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.
"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."
Plutus shares were trading down 4.4% at 0.55 pence each.