Announcement by Plutus PowerGen plc
Paternoster is pleased to note the announcement this morning by Plutus PowerGen plc ("PPG"), an investee company of Paternoster, which is set out below:
"Plutus PowerGen plc, the flexible generation developer and operator in the UK, has concluded a formal partnership with renewable energy developer Reliance Energy Limited ('Reliance') to secure further flexible power generation facilities in the UK. This arrangement, which follows the Heads of Terms announced on the 3 July 2015, is complementary to the management services PPG offers to the five EIS companies funded by Rockpool Investments LLP. The Board believes this agreement with Reliance has the potential to allow an additional and faster route to market for new flexible generation facilities and to strengthen PPG's balance sheet.
Both PPG and Reliance, which is a newly established developer of renewable energy and flexible generation projects in the UK, will focus on securing new project sites suitable for the construction of flexible generation facilities. While PPG has a pipeline of sites with the potential for over 500MW of flexible energy generation under consideration, Reliance, in addition to funding sources, has access to solar energy power generation sites with existing grid connection agreements. When procured, each project will be developed by Reliance and constructed and managed by PPG in return for a management fee. The equity in each project will be split 70:30, with the majority interest granted to the party that successfully introduces the site."