StockMarketWire.com - Flexible energy solutions provider Plutus PowerGen said it had submitted an application for planning permission for the development of a double gas-powered site in the South West of England.

The company said it had utilised some of the cash raised in the fourth quarter of 2018 for the planning of the two wholly-owned prospective gas peaker sites in the South West.

Once granted, planning approval would enable Plutus to advance its strategy of bringing online further high margin-gas operations using the Medway plant as a template, the company said.

Medway would be the first gas-powered FlexGen site developed by the company, in which it had a 44.5% interest.

It also had a pipeline of other prospective gas sites, totalling more than 300MW, which it said it intended to develop with a majority interest.

'The submission of planning permission for approval is an important step forward for Plutus and signals the continued development of our strategy which is focused on bringing online further gas powered FlexGen sites,' acting chief executive James Longley said.

'The money raised at the end of 2018 has been put to excellent use and demonstrates our desire to progress these two prospective gas sites.'

'Furthermore, discussions are ongoing regarding further funding for additional majority owned gas sites across the UK and as such, we look forward to updating the market on our progress.'




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