7 May 2015 12:48
Plutus PowerGen plc / Ticker: PPG / Index: AIM
7 May 2015
Plutus PowerGen plc ('PPG' or 'the Company')
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."
**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 |
Ewan Leggat | SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3 470 0470 |
Katy Birkin | SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3 470 0470 |
Felicity Winkles | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Elisabeth Cowell | St Brides Partners Ltd | Tel: +44 (0) 20 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 as a result of the continued downward pressure on capacity available to National Grid to balance supply and demand, leading to their 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. To this end, PPG is initially focusing on delivering 200MW of capacity over the next three years and currently has a project pipeline of of potential development sites with 500MW of power generation capacity.
PPG has a straightforward multi-revenue stream model with large and stable counter-parties and is using project/EIS funding through SPVs to finance construction of the generation assets. This structure has the benefit of limiting dilution to plc shareholders as the assets are financed and built.