Plutus PowerGen PLC Planning for a further 40MW of FlexGen Power (5925N)

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)