The unnamed giant of the power sector is ready is expected to bankroll a 20% share of all Plutus’ renewable fuel and gas projects.
“The board is confident that it will be able to fund its portion of the development costs via debt, particularly given the endorsement of this major energy and services company,” it added.
At 11.50am, Plutus shares were changing hands for 3.18p, for a rise of 0.58p.
The broker Cantor Fitzgerald reckons the stock is worth 3.8p.
“We continue to value Plutus on a discounted cash flow basis based on 220 megawatts of eventual capacity,” said analyst Adam Forsyth.
Plutus develops, builds and operates stand-by power generation sites.
It is initially focusing on delivering 200 megawatts of capacity by the end of 2017 though its current project pipeline extends to 700.