LONDON (Alliance News) - Renewable Energy Holdings PLC said Thursday that it is likely to begin insolvency proceedings in the first quarter of 2016, following a decision by the UK government in November to reject its application to construct a wind farm in Wales.
The company has agreed an extension on the maturity dates of its loan with Utilico Investments Ltd to the end of March from the end of December. Renewable Energy Holdings said the purpose of the extension was to allow it time to lodge an application for a judicial review of the Secretary of State's decision to refuse consent for the Mynydd y Gwynt wind farm.
Additionally, the company said that it is continuing talks with Utilico to discuss whether or not it "can or should" remain trading in light of the rejection of the wind farm.
Shares in Renewable Energy Holdings remain suspended.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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