Renova Energy says Heyburn total costs now estimated at $60.1 mln

Date : 04/03/2008 @ 3:19AM
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Stock : Renova Energy (RVA)
Quote : 2.75  0.0 (0.00%) @ 2:00AM
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Renova Energy says Heyburn total costs now estimated at $60.1 mln

LONDON (Thomson Financial) - Renova Energy Plc. said it expects total

project cost of combined ethanol and power plant at Heyburn, Idaho, which has

been on hold since December 2007, is now estimated to be $60.1 million.

Chris Thomas, chairman said: \"In what is a very difficult economic

environment generally, and for the bio-fuels sector in particular, in which to

raise additional capital from traditional sources we are continuing to

investigate a number of alternative funding arrangements to complete the Heyburn

project.\"

The ethanol production, distribution and marketing company said it is in

ongoing discussions with its lenders to restructure the existing borrowings.

The company said its core production and marketing business continues to

expand with strong sales growth, which exceeded management\'s expectations for

the full year. Renova added that it looks forward to an imminent and sustained

increase in production capability at its Torrington facility as the

de-bottlenecking programme also nears completion.

TFN.newsdesk@thomson.com

kkb/sal

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