27 Jan 2010 07:00
27 January 2010
Renewable Energy Holdings plc
("REH" or the "Company")
Trading Update
The board of directors of Renewable Energy Holdings plc (AIM: REH) (the "Board"), the AIM quoted investor and operator of European wind power, is pleased to provide an operational and trading update for the financial year ended 31 December 2009.
German Wind Farms
The Directors are pleased to announce that wind conditions in Germany improved in the second half of the year bolstered by one of the windiest Novembers on record.
Landfill Gas
As announced on 21 January 2010, REH completed the disposal of Bryn Posteg Landfill Gas Site in Wales, in line with the Company's strategy.
Poland Wind Farm
Following the completion of the acquisition of Gamar GHL, a Polish wind farm developer, fully permitted for 30MW in Kobylany, South Eastern Poland, announced on 31 July 2009, REH is pleased to announce that significant progress has been made with potential project lenders and the Board looks forward to up-dating the market further with developments at the appropriate time.
Welsh Wind Farm
An application for all necessary permits has now been fully completed and submission to the appropriate authorities is expected shortly.
CETO Investment
The sale of our CETO IP to ASX listed Carnegie Wave Energy Limited (CWE) was completed on 24 December 2009, consideration for which was 235,000,000 ordinary shares in CWE (the "CWE Shares"). Under a separate agreement with EDF Energies Nouvelles SA ("EDF"), entered into on 6 July 2009, EDF is contractually entitled to 2,400,000 of the CWE Shares allotted to REH, in consideration for waiving its pre-emption rights and licence fee allocations. Due to trading restrictions imposed on the CWE Shares, CWE will allot 2,400,000 CWE Shares directly to EDF once approval has been granted by the Foreign Investment Review Board of Australia. Consequently, REH was issued with 232,600,000 CWE Shares on 29 December 2009, which are currently valued at circa. £19.5 million [check this is up to date before we release], and which are subject to trading restrictions until 23 December 2010.
Financial performance
As a result of the improved performance from the Company's German Wind Farm Assets in the second half of the year, as outlined above, REH is pleased to announce that the financial performance of the Company's wind farm and landfill gas operations for the full year ended 31 December 2009 is in line with market expectations.
The Company will announce its preliminary results on or around the 8th March 2010.
For further information, please contact:
| Renewable Energy Holdings plc Mike Proffitt, Chief Executive | Tel: +44 (0) 16 2464 1199 |
| Strand Hanson Limited Rory Murphy / James Spinney | Tel: +44 (0) 20 7409 3494 |
| Novus Capital Markets Ltd Charles Goodfellow / Paul Dudley | Tel: +44 (0) 20 7107 1872 |
| Financial Dynamics Billy Clegg / Ed Westropp / Alex Beagley | Tel: +44 (0) 20 7831 3113 |
Please find below the operational update made by Carnegie Wave Energy Limited on 18 January 2010:
"18 January 2010
Carnegie Wave Energy Limited
Launch of Perth Wave Energy Project
Perth Wave Energy Project Launched by State Government
Full Scale Offshore Deployment Activities Commenced
Jack Up Rig Onsite Deploying Mooring
Australian Wave Energy developer, Carnegie Wave Energy Limited (ASX: CWE), is pleased to advise of the formal launch yesterday of its Perth Wave Energy Project by Western Australian Minister for Energy the Honorable Peter Collier at Carnegie's Wave Energy Research Facility in Fremantle, Western Australia.
Stage one of the project, which has already commenced, involves the deployment of a single stand-alone commercial scale CETO unit in the Sepia Depression, between Garden Island and Five Fathom Bank in 2010. The deployed system will consist of the mooring, a CETO unit and a data telemetry buoy. Deployment of the CETO unit will be for an initial period of up to 12 months involving periodic inspection and maintenance of components.
This will be the first commercial scale wave energy unit to be deployed in Australia. As previously reported, activities on site relating to the deployment of the first commercial scale, autonomous CETO wave energy device have already commenced. Currently the jack-up rig (JUP) owned and operated by Boskalis Australia Pty Ltd, pictured below, is on site and installing a drilled and grouted pile mooring that will form the foundation for Stage 1 of the project. It is expected that this activity will be completed shortly.
Carnegie's Chief Operating Officer, Greg Allen, said, "Upon its completion, Carnegie's Perth Wave Energy Project will be the first commercial scale wave energy project to operate in Australia. The primary aim of the project is to demonstrate the CETO technology in commercial operation for the first time however, it will also deliver Carnegie its first project based revenues from the sale of power."
The commercial demonstration project will have a peak installed capacity of 5MW, generating sufficient power for around 3,500 households. The Project is forecast to create 30 jobs and save over 500,000 tonnes in greenhouse gas emissions over the life of the project. The project will utilise Carnegie's $12.5 million LEED grant from the Western Australian Government announced earlier this year. Detailed cost and design activities associated with Stage 2 will be undertaken during 2010 with construction and commissioning scheduled for 2011.
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 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.
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.
CETO Technology characteristics include:
CETO converts wave energy into zero-emission electricity and desalinated water
CETO is environmentally friendly, has no visual impact and attracts marine life
CETO is fully submerged in deep water away from popular surf breaks
About Carnegie
Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE) wave energy and clean technology developer. Carnegie is the owner and developer of the CETO Wave Energy Technology intellectual property. REH owns 232,600,000 shares in CWE or approximately 30%."
The Board expects that REH's audited accounts and annual report for the year ended 31 December 2009 will be published on 8 March 2010."
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