Plutus PowerGen’s partner Rockpool Investments has acquired a 20MW gas-powered FlexGen site in Medway, Kent, with planning, connections, an option to lease and Capacity Mechanism from Reliance Energy, for an undisclosed price.
As previously outlined, the Company’s strategy is to develop higher margin gas operations going forward. To this end, this Medway plant will be the first gas-powered FlexGen site developed by the Company; under the terms of its agreement with Rockpool, Plutus will hold a 44.5% interest in the project.
The Company has a pipeline of other gas sites, potentially more than 300MW in aggregate, which it intends to develop with a majority interest.
Plutus acting CEO James Longley said: “We are delighted to be advancing our strategy to move into the construction of higher-margin gas-powered FlexGen sites with our first project in Kent soon to commence development.
“We have an historical relationship with Rockpool that has successfully developed multiple sites across the UK and we look forward to continuing this as we develop Medway. Furthermore, discussions are continuing to secure funding for additional majority owned gas sites across the UK and we look forward to updating the market on our progress.”