Paternoster Resources PLC Announcement by Plutus PowerGen plc (6631Y)
10 Settembre 2015 - 11:18AM
UK Regulatory
TIDMPRS
RNS Number : 6631Y
Paternoster Resources PLC
10 September 2015
10 September 2015
Paternoster Resources plc
("Paternoster" or the "Company")
Announcement by Plutus PowerGen plc re. Agreement with Reliance
Energy Ltd to Build UK Power Portfolio
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."
For more information please contact:
Paternoster Resources
plc:
Nicholas Lee, Chairman
Matt Lofgran, Non-Executive +44 20 7580 7576
Director +1 480 993 8933
Nominated Advisor and
Joint Broker:
Westhouse Securities
Antonio Bossi / David
Coaten +44 20 7601 6100
Joint Broker:
Peterhouse Corporate Finance
Lucy Williams +44 20 7562 3351
This information is provided by RNS
The company news service from the London Stock Exchange
END
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