REG - Paternoster Res. - Announcement by Plutus PowerGen plc <Origin Href="QuoteRef">PRSPA.L</Origin>

Riverfort Global OpportunitiesAnnouncement

10/09/2015 10:20

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 Director
+44 20 7580 7576
+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
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