Plutus PowerGen PLC Planning Permission Granted for 40MW (4211F)

TIDMPPG

RNS Number : 4211F

Plutus PowerGen PLC

27 July 2016

Plutus PowerGen plc / Ticker: PPG / Index: AIM

27 July 2016

This announcement contains inside information

Plutus PowerGen plc ('PPG' or 'the Company')

Obtains Planning Permission for Two 20MW Flexible Stand-by Power Generation Sites

Plutus PowerGen plc is pleased to announce that it has received planning permission for two 20MW flexible stand-by power generation sites in Ipswich. These sites are equity funded by Rockpool Investments LLP.

With planning permission now obtained for a total of 40MW at the sites in Ipswich, preparations for the civil construction phase of these projects can now commence. The sites will be eligible for prequalification to the capacity market and it is expected that power generation from these sites will commence in 2017.

The Company also has three further planning permission applications for sites capable of producing 60MW in the planning process and applications for two additional sites are currently being prepared for submission.

Phil Stephens, PPG CEO said "We are very pleased to announce that two further sites totalling 40MW have been granted planning permission. This is a significant step towards the Company's aim of delivering 200MW of capacity by the end of 2017."

**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 
----------------  --------------------  -------------- 
 Ewan Leggat       SP Angel Corporate    Tel: +44 (0) 
                    Finance LLP           20 3470 0470 
----------------  --------------------  -------------- 
 Laura Harrison    SP Angel Corporate    Tel: +44 (0) 
                    Finance LLP           20 3470 0470 
----------------  --------------------  -------------- 
 Elisabeth         St Brides Partners    Tel: +44 (0) 
  Cowell            Ltd                   20 7236 1177 
----------------  --------------------  -------------- 
 Hugo de Salis     St Brides Partners    Tel: +44 (0) 
                    Ltd                   20 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 as a result of 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. To this end, PPG is initially focusing on delivering 200MW of capacity by the end of 2017 and currently has a project pipeline of potential development sites with 700MW of power generation capacity.

PPG has a straightforward multi-revenue stream model with large and stable counter-parties and is using project/EIS funding through SPVs to finance construction of the generation assets. This structure has the benefit of limiting dilution to plc shareholders as the assets are financed and built.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCZDLFLQDFFBBL

(END) Dow Jones Newswires

July 27, 2016 10:13 ET (14:13 GMT)