16 Apr 2019 07:00
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.
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
16 April 2019
PLUTUS POWERGEN PLC
("Plutus", the "Group" or the "Company")
Application for Planning Permission Submitted for Double Gas-Powered Generation Site ("peakers") in the South West of England
Plutus PowerGen (AIM: PPG), the AIM listed power company focused on the development and operation of flexible energy generation ('FlexGen') projects in the UK, is pleased to announce that it has submitted an application for planning permission for the development of a double gas-powered site in the South West of England. The Group has utilised some of the monies raised in Q4 2018 for the planning of the two wholly owned prospective gas peaker sites in the South West. The directors of the Company believe that if the sites were to be sold as two 20MW sites, their sale would realise a significant profit for the Company relative to the costs.
Once granted, planning approval will enable Plutus to advance its strategy of bringing online further high margin gas operations using the Medway plant as a template. Medway will be the first gas-powered FlexGen site developed by the Company, in which it has a 44.5% interest. The Group has a pipeline of other prospective gas sites, totalling more than 300MW, which it intends to develop with a majority interest.
Plutus' acting CEO James Longley said, "The submission of planning permission for approval is an important step forward for Plutus and signals the continued development of our strategy which is focused on bringing online further gas powered FlexGen sites. The money raised at the end of 2018 has been put to excellent use and demonstrates our desire to progress these two prospective gas sites. Furthermore, discussions are ongoing regarding further funding for additional majority owned gas sites across the UK and as such, we look forward to updating the market on our progress."
**ENDS**
For further information, please visit www.plutuspowergen.com, or contact:
James Longley | Plutus PowerGen Plc | Tel: +44 (0) 20 8720 6562 |
David Foreman | Cantor Fitzgerald Europe | Tel: +44 (0) 207 894 7000 |
Richard Salmond | Cantor Fitzgerald Europe | Tel: +44 (0) 207 894 7000 |
Andy Thacker | Turner Pope | Tel: +44 (0) 20 3621 4120 |
Isabel de Salis | St Brides Partners Limited | Tel: +44 (0) 20 7236 1177 |