Plutus brings two new power generation facilities online
Plutus PowerGen
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12:14 20/09/21
Flexible energy generation-focussed power developer Plutus Powergen has brought a further two new power generation facilities into operation in the UK, it announced on Wednesday.
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The AIM-traded firm said the two new 20MW FlexGen sites were commissioned in Stowmarket, Suffolk, and could be switched on “at a moment's notice” at times of peak demand.
Plutus said it was now operating four 20MW FlexGen sites in locations across the UK.
“Intermittent renewables increasingly put pressure on a tightening power market; our FlexGen solutions help alleviate this deficit and ensure that the power stays on, even during periods when a higher than average supply level is required,” said Plutus’ executive chairman Charles Tatnall.
“We now have four operating sites with 80MW capacity between them and other new sites in development.
“As a result, our investment case, which positions Plutus as a low-risk, asset-backed company with stable revenue streams, continues to strengthen.”
The company said the two new 20MW FlexGen sites, located in Stowmarket, Suffolk, held capacity mechanism contracts for 15 years starting in 2020 and were pre-qualified for next year's T-1 2018 capacity mechanism auction.
It said the Stowmarket sites were two of nine sites held in partnership with Rockpool Investments, which provided funding for their development for which Rockpool also paid management fees to PPG in return for PPG overseeing the construction of the assets and for managing them on an ongoing basis.