Plutus PowerGen PLC Planning Permission Update (1401L)
September 29 2016 - 2:00AM
UK Regulatory
TIDMPPG
RNS Number : 1401L
Plutus PowerGen PLC
29 September 2016
Plutus PowerGen plc / Ticker: PPG / Index: AIM
29 September 2016
Plutus PowerGen plc ('PPG' or 'the Company')
Planning Permission Update
Plutus PowerGen plc announces that in spite of Bristol Council's
own professional officers' clear recommendations for approval, it
has been informed that Bristol Council has turned down a planning
permission application for a 20MW flexible stand-by power
generation site in Bristol. The Board is now consulting with its
advisers to determine over the issue of an appeal.
Nonetheless, the Company has many other sites in its pipeline.
80MW of further planning permission applications are in progress,
and a further 60MW are in pre-planning.
Phil Stephens, PPG CEO said, "Having twice been recommended for
approval and answering all objections, we are surprised that
planning permission for the Bristol site has been declined for now.
However, the Board remains confident it can achieve the Company's
aim of delivering at least 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
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Phil Stephens Plutus PowerGen Plc Tel: +44 (0) 20 3705
8352
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Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
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Laura Harrison SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
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Elisabeth Cowell St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
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Hugo de Salis St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
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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
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