Plutus PowerGen gearing up to develop Rockpool site in Kent

Flexible energy generation developer Plutus PowerGen announced on Wednesday that its partner, Rockpool Investments, has purchased a 20MW gas-powered FlexGen site in Medway, Kent, with planning, connections, an option to lease and capacity mechanism from Reliance Energy.

The AIM-traded firm’s strategy is to develop higher-margin gas operations going forward.

To that end, it said the Medway plant would be the first gas-powered FlexGen site developed by the company.

Under the terms of its agreement with Rockpool, Plutus would hold a 44.5% interest in the project.

Plutus said it had a pipeline of other gas sites - potentially more than 300MW in aggregate - which it intended to develop with a majority interest.

“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,” said Plutus PowerGen acting chief executive officer James Longley.

“We have a 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.”