Plutus PowerGen secures new contracts

Management Contract Awarded for Fifth 20MW Project

Plutus PowerGen plc, the AIM listed power company focused on the development, construction and operation of flexible stand-by electricity generation in the UK, has announced that it has been awarded two further management contracts, for the construction and operation of 20MW flexible stand-by electricity plants, by Precise Energy Limited and Equivalence Energy Limited being two major customers of Rockpool Investments LLP.

Rockpool Investments LLP have invested £3.6 million of equity into each company, which brings the total invested by Rockpool investors into companies to be managed by PPG to £17.8 million.

This agreement brings the total number of management contracts granted to PPG to five, equivalent to 100MW. Under the agreements, PPG will be paid £150,000 per annum by each company for these services in addition to an equity stake of 45% in the capital of each company.

Phil Stephens, CEO of PPG said, “PPG has successfully won management contracts to construct and operate five 20MW sites from five major customers funded by Rockpool Investments LLP in which we have a substantial equity holding in each. We have now achieved equity funding sufficient to fund 50% of our original target of 200MW of flexible stand-by energy in the UK within 10 months of our re-admission to AIM. We believe this is a significant achievement for the Company where we continue to pursue multiple opportunities to develop and expand our business plan and portfolio of energy generation sites across the UK.”

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