Plutus PowerGen wins planning permission for renewable energy sites

1st Nov 2016 09:19

(ShareCast News) - AIM-listed energy investment company Plutus PowerGen has received planning permission to develop two 20 megawatts renewable fuel powered energy generation sites in Suffolk.The company now has seven 20 megawatts sites, which have planning permission to develop renewable fuel powered energy projects, equalling 140 megawatts.Preparations for the civil construction phase of the two Stowmarket sites has started, which means they are able to provide power in the UK capacity mechanism auction in December.The company also said it has three more sites capable of producing 60 megawatts and applications for two additional sites are in the offing.Chief executive Phil Stephens said the planning permission gains marks a significant step towards its strategy to deliver at least 200 megawatts of capacity by the end of 2017."We believe that non-intermittent sources of back-up power, of the type being developed by Plutus PowerGen, have a vital role to play in the UK's energy mix now and in the future and we are keen to position ourselves as predominant players in this market."Shares Plutus PowerGen up 5.52% to 1.53p at 0845 GMT.