RNS Number : 2291J
Renewable Energy Holdings plc
01 December 2008
1 December 2008
Renewable Energy Holdings plc
("REH" or "the Company")
Polish Wind Farm Agreement
Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven
and innovative renewable energy technologies,
is pleased to announce that it has entered into a conditional sale and purchase agreement
("SPA") with Gamar GHL ("the Vendors") to develop
a wind farm site in Kobylany,
Poland.
Under the terms of the SPA, REH has paid EUR100,000 in cash for the grant of an option to
purchase the
Vendors and will pay a further EUR2.0 million, to be satisfied as to EUR2.0 million in cash
upon the Vendors obtaining all required
planning, construction and operating permits for the wind farm site. REH is able to terminate
the SPA at its sole discretion if the Vendors
do not fulfil their obligations by 30 June 2009, subject to extension by mutual agreement, or
if it is not able to obtain suitable
financing. The Board of REH intends to apply part of its existing loan facility with Standard
Chartered Bank to the construction and
development of this wind farm site.
The Board believes that the wind farm site at Kobylany, a mountainous region in South East
Poland, is capable of providing up to 30MW of
generating capacity and an independent wind study has indicated a net capacity factor of 32%
for this site. This capacity factor compares
well against the European average of 26-30%.
Mike Proffitt, Chief Executive Officer of REH, commented: "We are delighted to be signing
this Agreement as, along with our recently
announced 70MW Wales project, it consolidates our plan to have 150MW of wind power within five
years of our entry onto the AIM. Our
independent wind assessment has yielded very favourable results and we look forward to a
strong performance from this asset."
For further information please contact:
Mike Proffitt, Chief Executive
Renewable Energy Holdings plc Tel: 01624 641199
Richard Swindells / Andrew Craig / Ben Wright
Ambrian Partners - Nominated Adviser & Broker to REH Tel: 020 7634 4700
Samantha Robbins / Paul Dulieu reh@redleafpr.com
Redleaf Communications Tel: 020 7566 6700
Notes to Editors
About Renewable Energy Holdings plc
Renewable Energy Holdings ("REH") is an international company established to be an
investor in and operator of both proven and
innovative renewable energy technologies.
REH owns two operational wind farm sites in Germany, Kesfeld (32.5MW) and Kirf (8MW). In
addition, REH is at various stages of
development of further wind farm sites in Poland and Wales.
REH owns a methane Landfill Gas Project in Powys, Wales which is at an early stage of gas
collection, currently producing at 1MW and
which is expected to increase as the landfill matures.
CETO is REH's innovative wave power technology. It is the first wave power converter to
sit on the seabed, where it is invisible, safe
from storms and ocean forces, and self contained. Unlike other wave energy technologies that
require undersea grids and costly marine
qualified plant, CETO requires only a small diameter pipe to carry high pressure seawater
ashore to either a turbine to produce electricity,
or to a reverse osmosis filter to produce fresh water. CETO is currently deployed off
Fremantle, Western Australia undergoing commercial
testing.
The Directors and executive team of REH have extensive experience in both the conventional
and renewable energy sectors, both in the UK
and overseas, and through their experience have built a broad international network of
relationships with individuals, companies,
governments and lobby groups.
The Company was incorporated in the Isle of Man on 8 October 2004 and listed on the London
Stock Exchange's AIM in February 2005.
Further information can be found at www.reh-plc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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