Re: Carnegie Perth project design & grant payment (4133U)
December 21 2011 - 6:37AM
UK Regulatory
TIDMREH
RNS Number : 4133U
Renewable Energy Holdings plc
21 December 2011
21 December 2011
Renewable Energy Holdings plc
("REH" or the "Company")
Re: Carnegie Perth project design and grant payment
Renewable Energy Holdings plc (AIM: REH), the AIM quoted
investor in, and operator of, European wind power, notes an
announcement released on 20 December 2011 by Carnegie Wave Energy
Limited, in which REH holds 232,600,000 fully paid ordinary shares,
representing 25.8% of the entire issued share capital.
Carnegie Wave Energy Limited
Perth Project Design and Grant Payment
-- Basis of detailed design for Perth project complete
-- Project to be in 2 stages of 2MW + 3MW peak capacity
-- Fourth grant milestone payment from WA Government received
-- New project design video released and available on website
Wave energy developer Carnegie Wave Energy Limited (ASX: CWE) is
pleased to announce the completion of the basis of detailed design
for its Perth Wave Energy Project (the Perth Project) at Garden
Island and the corresponding fourth milestone payment from the
Government of Western Australia.
The basis of detailed design of the CETO power generation system
for the Perth Project includes the CETO units, offshore
foundations, pipelines, onshore power generation facility and grid
connection. A video animation of the design can be viewed on
Carnegie's website at www.carnegiewave.com.
The Project size has been financially and technically optimised
through the design process and will now be delivered in two
separately commissioned stages. The first stage will have a peak
rated capacity of 2MW followed by a second stage of 3MW, for a
total of 5MW peak rated capacity. Staged delivery allows Carnegie
to demonstrate system integration, grid-connection and to deliver
first power revenues in less time and with significantly less
capital than a stand-alone 5MW single stage.
Completion of the basis of detailed design triggered a $145,000
milestone completion payment under Carnegie's grant with the
Government of Western Australia and this payment has now been
received. Carnegie has now drawn down approximately $2.8m
(exclusive of GST) of the $12.5 million grant with the outstanding
amount available for draw down over the remainder of the 5MW
project. The completion of this milestone allows the Project to
progress to the next and final stage of detailed design.
The Perth Project is the most advanced wave power project in
Australia and one of a small number of project options currently
being considered by Carnegie globally as the location for its first
commercial demonstration project.
Carnegie's first grid-connected commercial demonstration project
will deliver the Company its first project based revenue through
the sale of electricity.
About CETO
The CETO system distinguishes itself from other wave energy
devices by operating out of sight and being anchored to the ocean
floor. An array of fully submerged buoys is tethered to seabed pump
units. The buoys move in harmony with the motion of the passing
waves, driving the pumps which in turn pressurise water that is
delivered ashore via a pipeline.
On shore, high-pressure water is used to drive hydroelectric
turbines, generating zero-emission electricity. The high-pressure
water can also be used to supply a reverse osmosis desalination
plant, replacing greenhouse gas emitting electrically driven pumps
usually required for such plants.
About Carnegie
Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE)
wave energy technology developer. Carnegie is the 100% owner and
developer of the CETO Wave Energy Technology intellectual
property."
Ends
For further information, please contact:
Renewable Energy Holdings plc Tel: +44 (0) 16 2464
Mike Proffitt, Chief Executive 1199
Strand Hanson Limited Tel: +44 (0) 20 7409
Rory Murphy / James Spinney 3494
Novus Capital Markets Ltd Tel: +44 (0)20 7107
Nicholas Lee 1881
FTI Consulting Tel: +44 (0) 20 7831
Billy Clegg / Ed Westropp / Alex Beagley 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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