29 Nov 2017 07:00
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
29 November 2017
PLUTUS POWERGEN PLC ("PPG" or the "Company")
TWO FURTHER UK FLEXIBLE ENERGY SITES COMMISSIONED
Plutus Powergen Plc, the AIM listed power-company focussed on the development and operation of flexible energy generation ('FlexGen') projects in the UK, has brought a further two new power generation facilities into operation.
Overview
· Two new 20MW FlexGen sites commissioned in Stowmarket, Suffolk
· Facilities can be switched on at a moment's notice at times of peak demand
· Plutus is now operating four 20MW FlexGen sites in locations across the UK
Charles Tatnall, Executive Chairman of PPG, said: "Intermittent renewables increasingly put pressure on a tightening power market; our FlexGen solutions help alleviate this deficit and ensure that the power stays on, even during periods when a higher than average supply level is required. We now have four operating sites with 80MW capacity between them and other new sites in development. As a result, our investment case, which positions Plutus as a low-risk, asset-backed company with stable revenue streams, continues to strengthen."
The Company's two new 20MW FlexGen sites, located in Stowmarket, Suffolk, hold capacity mechanism contracts for 15 years starting in 2020 and are pre-qualified for next year's T-1 2018 capacity mechanism auction. The Stowmarket sites are two of nine sites held in partnership with Rockpool Investments LLP ('Rockpool'), which has provided funding for their development for which Rockpool also pays management fees to PPG in return for PPG overseeing the construction of the assets and for managing them on an ongoing basis.
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.
**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 |
Andrew Craig | Cantor Fitzgerald Europe | Tel: +44 (0) 20 7894 7000 |
Richard Salmond | Cantor Fitzgerald Europe | Tel: +44 (0) 20 7894 7000 |
Isabel de Salis | St Brides Partners Limited | Tel: +44 (0) 20 7236 1177 |
Olivia Vita | 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 due to the continued downward pressure on capacity available to National Grid to balance supply and demand, leading to its 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.