Plutus PowerGen PLC Expands into UK Battery Energy Storage Projects (6625M)
August 01 2017 - 1:01AM
UK Regulatory
TIDMPPG
RNS Number : 6625M
Plutus PowerGen PLC
01 August 2017
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
01 August 2017
PLUTUS POWERGEN PLC ("PPG" or the "Company")
Signs Battery Storage Joint Venture
Plutus Powergen Plc, the AIM listed power-company focussed on
the development and operation of flexible energy generation
('FlexGen') projects in the UK, has signed a cooperation agreement
('the Agreement') with land and property developer, London &
Devonshire Trust Ltd ('LDT'), to identify and develop standalone
battery energy storage projects in the UK. This Agreement is in
line with the Company's strategy to widen its exposure within the
UK energy sector, utilising integral, new technologies that provide
security of supply. This security of supply is an important element
of UK energy infrastructure given the rise of intermittent
renewable energy which puts considerable stress on the grid at peak
times, increasing the risk of blackouts and brownouts.
PPG and LDT entered into the Agreement to leverage their
complementary skills and capabilities in the development,
financing, construction and operation of energy storage plants
within the UK. Under the terms of the agreement, LDT and PPG will
incorporate a special purpose vehicle (the 'Project Company') for
the development of an initial 85MW energy storage project (the
'Project'). LDT will provide to the Project Company a suitable site
and associated grid connection for the Project and PPG will provide
the necessary skills for the Project Company to manage the ongoing
Project development.
PPG's current focus is on completion of the 180MW of FlexGen
with Rockpool Investments LLP and the development of approximately
200MW of gas-fired FlexGen projects across the UK. These facilities
can be switched on at a moment's notice at times of peak demand and
help to mitigate the current and forecast risk of an energy
deficit. PPG has a pipeline of over 700MW and is targeting 120MW to
be operational with an additional 120MW at the post-planning stage
by the end of 2017.
PPG Chairman Charles Tatnall said, "This is a further step in
our corporate development and a continuation of a successful
partnership with LDT, marking our entry into the emerging battery
energy storage arena. We have been looking at this idea for some
time, but the technology is reaching a stage where it has the
possibility to become a reality. We are very excited about these
opportunities, which will enable us to supply energy more
efficiently and provide solutions to the low inertia and
intermittent green energy upon which the UK is increasingly
depending."
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 Tel: +44 (0) 20
Europe 7894 7000
Richard Salmond Cantor Fitzgerald Tel: +44 (0) 20
Europe 7894 7000
Isabel de St Brides Partners Tel: +44 (0) 20
Salis Limited 7236 1177
Olivia Vita St Brides Partners Tel: +44 (0) 20
Limited 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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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