Acquisition of Renewable Energy Projects

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		[phone]
Paul Boote	Group Chief Financial Officer
Jennifer Cooke	Group Head of Investor Relations
Media Enquiries - FGS Global		[phone]
James Murgatroyd
Harry Worthington

 

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