Plutus PowerGen notes indicative partnership

Plutus PowerGen has received an offer by a leading Big Six multinational utility company to fund up to 20% of any 20MW renewable fuel or gas powered flexible energy projects going forward.

"This fits ideally with the Company's strategy to deliver projects in which it holds an 80% interest and this relationship is envisaged to provide sufficient equity to allow PPG to develop majority owned assets while maintaining its zero dilution to shareholders policy," the company said.

"The Board is confident that it will be able to fund its portion of the development costs via debt, particularly given the endorsement of this major energy and services company.

"This belief is also underpinned by the Company's recent securement of asset financing for the development of its recently commissioned project in Plymouth."