Plutus PowerGen PLC Planning Permission Application Submitted (2646W)
April 16 2019 - 2:00AM
UK Regulatory
TIDMPPG
RNS Number : 2646W
Plutus PowerGen PLC
16 April 2019
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
16 April 2019
PLUTUS POWERGEN PLC
("Plutus", the "Group" or the "Company")
Application for Planning Permission Submitted for Double
Gas-Powered Generation Site ("peakers") in the South West of
England
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 it has
submitted an application for planning permission for the
development of a double gas-powered site in the South West of
England. The Group has utilised some of the monies raised in Q4
2018 for the planning of the two wholly owned prospective gas
peaker sites in the South West. The directors of the Company
believe that if the sites were to be sold as two 20MW sites, their
sale would realise a significant profit for the Company relative to
the costs.
Once granted, planning approval will enable Plutus to advance
its strategy of bringing online further high margin gas operations
using the Medway plant as a template. Medway will be the first
gas-powered FlexGen site developed by the Company, in which it has
a 44.5% interest. The Group has a pipeline of other prospective gas
sites, totalling more than 300MW, which it intends to develop with
a majority interest.
Plutus' acting CEO James Longley said, "The submission of
planning permission for approval is an important step forward for
Plutus and signals the continued development of our strategy which
is focused on bringing online further gas powered FlexGen sites.
The money raised at the end of 2018 has been put to excellent use
and demonstrates our desire to progress these two prospective gas
sites. Furthermore, discussions are ongoing regarding further
funding for additional majority owned gas sites across the UK and
as such, 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: +44 (0) 20 8720
6562
David Foreman Cantor Fitzgerald Europe Tel: +44 (0) 207 894
7000
------------------------- ---------------------
Richard Salmond Cantor Fitzgerald Europe Tel: +44 (0) 207 894
7000
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Andy Thacker Turner Pope Tel: +44 (0) 20 3621
4120
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Isabel de Salis St Brides Partners Tel: +44 (0) 20 7236
Limited 1177
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END
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