1 Nov 2016 07:00
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
1 November 2016
Plutus PowerGen plc ('PPG' or 'the Company')
Planning Permission for a Further 40MW in UK
Plutus PowerGen plc, the AIM listed power company focused on the development, construction and operation of flexible power projects in the UK, is pleased to announce that it has received planning permission for the development of two 20MW renewable fuel powered energy generation sites in Stowmarket, Suffolk. This brings the total number of 20MW sites which have planning permission for the development of renewable fuel powered energy generation projects to seven (equal to 140MW).
With this in hand, preparations for the civil construction phase of both projects can now commence. Importantly, this means the sites are eligible to tender to provide future power capacity in the UK capacity mechanism auction in December 2016.
PPG is also progressing planning applications for three additional sites capable of producing 60MW and applications for 2 additional sites are currently being prepared for submission.
Phil Stephens, CEO of PPG said, "The receipt of planning permission for two further sites totalling 40MW marks another significant step towards delivering on our strategy to deliver at least 200MW of capacity by the end of 2017. We believe that non-intermittent sources of back-up power, of the type being developed by PPG, have a vital role to play in the UK's energy mix now and in the future and we are keen to position ourselves as predominant players in this market. I am pleased that these sites will be eligible for the upcoming capacity mechanism auction in December 2016 and look forward to providing updates on this in the future."
**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 |
Elisabeth Cowell | St Brides Partners Limited | Tel: +44 (0) 20 7236 1177 |
Hugo de Salis | St Brides Partners Limited | 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 by the end of 2017 and currently has a project pipeline of potential development sites with 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.