Plutus PowerGen PLC Planning for a further 40MW of FlexGen Power (5925N)
August 10 2017 - 1:01AM
UK Regulatory
TIDMPPG
RNS Number : 5925N
Plutus PowerGen PLC
10 August 2017
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
10(th) August 2017
PLUTUS POWERGEN PLC ("PPG" or the "Company")
Planning for a further 40MW of FlexGen Power
Plutus Powergen Plc, the AIM listed power company focussed on
the development and operation of flexible energy generation
('FlexGen') projects in the UK, is pleased to announce that it has
received planning permission for the development of a further two
20MW renewable green diesel powered FlexGen sites at the Marchwood
Industrial Estate in Marchwood. This brings the total number of
20MW sites which have planning permission to nine (equal to
180MW).
PPG's current focus is on completion of the roll out of the nine
180MW of renewable green diesel FlexGen sites with Rockpool
Investments LLP ('Rockpool') and the development of approximately
200MW of gas-fired FlexGen projects across the UK. The Company
currently has one site in operation with five due to be
commissioned by the end of 2017 and submitted planning applications
for the construction of another four gas fired sites.
Each FlexGen site 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. Due to the inherent demand in the UK,
PPG has developed a pipeline of projects with capacity for 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, "The granting of a further
two sites underlines the excellent progress we are making in
delivering our commercial objectives in the provision of FlexGen
power facilities across the UK. We have nine sites being advanced
with funding partner Rockpool, and with five more close to being in
operation, we expect a significant transformation in what is
already a profitable business. With the roll out of the gas sites,
in which we will maintain a larger percentage of than the green
diesel sites, plus our recent expansion into the emerging battery
energy storage arena we are extremely excited about the Company's
future and its role in the UK energy matrix."
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
7236 1177
Phil Stephens Plutus PowerGen Plc Tel: +44 (0) 20
7236 1177
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
MSCSSAEFUFWSEDA
(END) Dow Jones Newswires
August 10, 2017 02:01 ET (06:01 GMT)
Plutus Powergen (LSE:PPG)
Historical Stock Chart
From Apr 2024 to May 2024
Plutus Powergen (LSE:PPG)
Historical Stock Chart
From May 2023 to May 2024