Last checked at 21 Nov 2016 10:22
21 November 2016
Paternoster Resources plc
("Paternoster" or the "Company")
Plutus PowerGen plc Indicative Partnership with Blue Chip Utility Company
Paternoster is pleased to note the announcement this morning by Plutus PowerGen plc ("PPG"), an investee company of Paternoster, which is set out below.
Nicholas Lee, Chairman, said:
"I am pleased that the company is expecting to make another very positive step forward following on the heels of the recent commissioning of its first project. "
For more information, please contact:
Paternoster Resources plc:
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Nicholas Lee, Chairman | +44 20 7580 7576
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Nominated Advisor and Joint Broker: |
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Stockdale Securities |
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Antonio Bossi/David Coaten | +44 20 7601 6100
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Joint Broker: |
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Peterhouse Corporate Finance |
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Lucy Williams | +44 20 7562 3351
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Full text of Plutus PowerGen plc announcement:
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 an offer by a leading Big Six multinational utility company to fund up to 20% of any 20MW renewable fuel or gas powered flexible energy projects going forward.
This fits ideally with the Company's strategy to deliver projects in which it holds an 80% interest and this relationship is envisaged to provide sufficient equity to allow PPG to develop majority owned assets while maintaining its zero dilution to shareholders policy. The Board is confident that it will be able to fund its portion of the development costs via debt, particularly given the endorsement of this major energy and services company. This belief is also underpinned by the Company's recent securement of asset financing for the development of its recently commissioned project in Plymouth.
PPG CEO Phil Stephens said, "This interest from a major utilities company is transformational. Most importantly, it enables PPG to start implementing the next phase of our strategy, which is focused on retaining a much larger share of the value of our projects for the benefit of our shareholders. It also endorses both our business model, which is focused on delivering a consistent source of power to mitigate the UK's risk of brown or black outs, and the quality of our projects, given the blue chip nature of the prospective partner. With our first project recently commissioned and generating revenues, this is a very exciting time for PPG and we look forward to providing updates in the near term as we continue to implement our business plan."
**ENDS**