29 Sep 2016 07:00
Plutus PowerGen plc / Ticker: PPG / Index: AIM
29 September 2016
Plutus PowerGen plc ('PPG' or 'the Company')
Planning Permission Update
Plutus PowerGen plc announces that in spite of Bristol Council's own professional officers' clear recommendations for approval, it has been informed that Bristol Council has turned down a planning permission application for a 20MW flexible stand-by power generation site in Bristol. The Board is now consulting with its advisers to determine over the issue of an appeal.
Nonetheless, the Company has many other sites in its pipeline. 80MW of further planning permission applications are in progress, and a further 60MW are in pre-planning.
Phil Stephens, PPG CEO said, "Having twice been recommended for approval and answering all objections, we are surprised that planning permission for the Bristol site has been declined for now. However, the Board remains confident it can achieve the Company's aim of delivering at least 200MW of capacity by the end of 2017."
**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 Ltd | Tel: +44 (0) 20 7236 1177 |
Hugo de Salis | 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 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.