11 Nov 2015 12:00
Plutus PowerGen plc / Ticker: PPG / Index: AIM
11 November 2015
Plutus PowerGen plc ('PPG' or 'the Company')
Obtains Planning Permission for 20MW Flexible Stand-by Power Generation Site
Plutus PowerGen plc is pleased to announce that it has received planning permission for a 20MW flexible stand-by power generation site in Crumlin, South Wales. This achievement demonstrates the positive progress being made in respect to developing the Company's project pipeline, which comprises sites with over 700MW of power generation capacity in the UK. The Company also has seven further planning permission applications for sites capable of producing 120MW at various stages in the planning process.
With planning permission now obtained for the site in Crumlin, preparations for the civil construction phase of the project can now commence. It is expected that power generation will begin in 2016. Importantly, this means the Crumlin 20MW site is eligible to tender to provide future power capacity in the UK capacity mechanism auction in 2015.
Phil Stephens, CEO said "This is further good news for us and we look forward to updating the market on the progress of our pipeline in due course."
**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 3470 0470 |
Laura Harrison | SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3470 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 potential development sites with over 700MW 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.