11 Jul 2023 07:00
PENNON GROUP PLC
11 July 2023
Acquisition of Renewable Energy Generation Projects
We are pleased to announce the acquisition of three further renewable energy generation projects, in line with the Group's long-term sustainable growth strategy in UK environmental infrastructure and our target to accelerate the achievement of our 2030 Net Zero commitment. The three projects are located across the UK, include sites in Buckinghamshire, Aberdeenshire and Cumbria and are expected to generate over 95 GWh of electricity on an annual basis from solar PV. Added to our recently acquired Dunfermline project and our existing internal generation, once operational these projects will significantly increase our total self-generation capacity to around 40% of our electricity usage, bringing us closer to our 50% target.
The acquisition and expected build costs for the three projects total c.£85 million. It is anticipated the projects will commence generation during 2025. The acquisition of these projects will provide attractive commercial returns, whilst also benefiting the Group by increasing energy security and resilience through reducing exposure to future volatility in wholesale power markets.
For further information, please contact:
Pennon Group plc |
+44 (0) 1392 443 168 | |
Paul Boote | Group Chief Financial Officer |
|
Jennifer Cooke | Group Head of Investor Relations |
|
|
| |
Media Enquiries - FGS Global | +44 (0) 20 7251 3801 | |
James Murgatroyd |
| |
Harry Worthington | ||
Pennon (PNN)