Acquisition of Renewable Energy Projects

Released : 11.07.2023 07:00:00

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



 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQBCGDRGBBDGXG