Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to announce the successful installation of a 41.5 kW array of 83 solar panels on the roof of the El Romeral power plant, known as Project Apollo, was completed on 4 August 2022. The Company holds a 49.9% working interest in El Romeral through its interest in Tarba Energía S.L. ('Tarba').
Project Apollo powers part of the ancillary services at the plant, thereby leading to reduced self-consumption and increased sales of electricity. The cost of installation was less than €50,000 which was financed from existing funds held by Tarba. Payback from this investment is estimated to be three to four years. A total of 83 photo-voltaic panels have been installed in three separate zones on the power plant roof giving a total installed peak capacity of 41.5 kWh. Project Apollo is expected to generate 66 MWh in the first year.
Project Apollo will give valuable experience to Tarba in managing solar plants, which will be useful learning for Project Helios, the renewable co-generation project via a proposed 5 MW solar farm adjacent to El Romeral which is at FEED stage. Connection to the power grid at El Romeral is pre-existing and the grid network has ample capacity to export increased electricity output from Project Helios, subject to permitting.
Mark Routh, Prospex's CEO, commented:
"Project Apollo establishes us as an emerging integrated energy company and reduces our carbon footprint by leveraging an existing asset to incorporate photovoltaic capabilities. Not only will this directly result in increased sales of electricity at the El Romeral power plant, but importantly, it also furthers our ambition to diversify our power assets as we look to enhance our conventional/renewable energy ratio. This will be a core pillar of Prospex's strategy in the future as we balance the immediate and critical demand contours of domestic gas markets with our responsibility to provide long-term sustainable power across Europe.
"Today's news is a significant first step towards achieving this over-arching strategy and I look forward to providing further news in this regard over the coming weeks and months."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.