REG - Pennon Group PLC - Acquisition of Renewable Energy Projects

PennonAnnouncement

11/07/2023 07:00

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RNS Number : 5665F  Pennon Group PLC  11 July 2023

PENNON GROUP PLC

 

11 July 2023

Acquisition of Renewable Energy Generation Projects

 

We are pleased to announce the acquisition of three further renewable energy
generation projects, in line with the Group's long-term sustainable growth
strategy in UK environmental infrastructure and our target to accelerate the
achievement of our 2030 Net Zero commitment. The three projects are located
across the UK, include sites in Buckinghamshire, Aberdeenshire and Cumbria and
are expected to generate over 95 GWh of electricity on an annual basis from
solar PV. Added to our recently acquired Dunfermline project and our existing
internal generation, once operational these projects will significantly
increase our total self-generation capacity to around 40% of our electricity
usage, bringing us closer to our 50% target.

 

The acquisition and expected build costs for the three projects total c.£85
million. It is anticipated the projects will commence generation during 2025.
The acquisition of these projects will provide attractive commercial returns,
whilst also benefiting the Group by increasing energy security and resilience
through reducing exposure to future volatility in wholesale power markets.

 

For further information, please contact:

 Pennon Group plc                                     +44 (0) 1392 443 168
 Paul Boote         Group Chief Financial Officer
 Jennifer Cooke     Group Head of Investor Relations

 Media Enquiries - FGS Global                         +44 (0) 20 7251 3801
 James Murgatroyd
 Harry Worthington

 

 

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