Announcement by Plutus PowerGen plc

RNS Number : 5412M

Paternoster Resources PLC

07 May 2015

 

7 May 2015

Paternoster Resources plc

("Paternoster" or the "Company")

Announcement by Plutus PowerGen plc re. Planning for First UK 20MW Flexible Stand-by Generation Site

Paternoster is pleased to note the announcement by Plutus PowerGen plc ("PPG") that it has obtained planning permission for its first 20MW flexible stand-by power generation site in Plymouth, UK. This is a landmark achievement for PPG that underpins the ongoing development of PPG's UK project pipeline.

With planning now obtained, preparations for the civil construction phase of the project can now commence for generation in 2016.  This milestone also means that the 20MW site is eligible to apply in the UK capacity mechanism auction in 2015. PPG continues to develop the pipeline which comprises sites with over 500MW of power generation capacity, of which 180MW is at various stages in the planning process.

Nicholas Lee, Chairman of Paternoster, commented:

"This is a significant step for PPG underpinning the continuing strong development of the UK project pipeline."

For more information please contact:

Paternoster Resources plc:
Nicholas Lee, Chairman Matt Lofgran, Non-Executive Director	[phone] [phone]

Nominated Advisor and Joint Broker:
Westhouse Securities
Antonio Bossi / David Coaten	[phone]

Joint Broker:
Peterhouse Corporate Finance
Lucy Williams	[phone]

 

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