Plutus PowerGen PLC Advancing Development of Gas-Powered FlexGen Site (9675H)

TIDMPPG

RNS Number : 9675H

Plutus PowerGen PLC

21 November 2018

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.

Plutus PowerGen Plc / Ticker: PPG / Index: AIM

21 November 2018

PLUTUS POWERGEN PLC

("Plutus" or the "Company")

Advancing Development of First Gas-Powered FlexGen Site

Plutus PowerGen (AIM: PPG), the AIM listed power company focused on the development and operation of flexible energy generation ('FlexGen') projects in the UK, is pleased to announce that its partner, Rockpool Investments LLP ('Rockpool'), has purchased a 20MW gas-powered FlexGen site in Medway, Kent, with planning, connections, an option to lease and Capacity Mechanism from Reliance Energy Limited.

As previously outlined, the Company's strategy is to develop higher margin gas operations going forward. To this end, this Medway plant will be the first gas-powered FlexGen site developed by the Company; under the terms of its agreement with Rockpool, Plutus will hold a 44.5% interest in the project. The Company has a pipeline of other gas sites, potentially more than 300MW in aggregate, which it intends to develop with a majority interest.

Plutus' acting CEO James Longley said, "We are delighted to be advancing our strategy to move into the construction of higher-margin gas-powered FlexGen sites with our first project in Kent soon to commence development. We have an historical relationship with Rockpool that has successfully developed multiple sites across the UK and we look forward to continuing this as we develop Medway. Furthermore, discussions are continuing to secure funding for additional majority owned gas sites across the UK and we look forward to updating the market on our progress."

**ENDS**

For further information, please visit www.plutuspowergen.com, or contact:

 
 James Longley     Plutus PowerGen Plc        Tel: [phone] 
                                               6562 
 David Foreman     Cantor Fitzgerald Europe   Tel: [phone] 
                                               7000 
                  -------------------------  --------------------- 
 Richard Salmond   Cantor Fitzgerald Europe   Tel: [phone] 
                                               7000 
                  -------------------------  --------------------- 
 Andy Thacker      Turner Pope                Tel: [phone] 
                                               4120 
                  -------------------------  --------------------- 
 Isabel de Salis   St Brides Partners         Tel: [phone] 
                    Limited                    1177 
                  -------------------------  --------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

UPDEAFFEADSPFAF

(END) Dow Jones Newswires

November 21, 2018 02:01 ET (07:01 GMT)