IGAS.L Regulatory News (IGAS)

24 Nov 2005 07:01

KP Renewables PLC24 November 2005 KP Renewables plc and RE3 enter into strategic alliance to develop up to 100MWof renewable biomass power stations in Ireland KP Renewables plc ("KP Renewables") and Resource, Recycling & Recovery Limited("RE3") announce today that they have entered into a joint-development agreement("JDA") providing a framework to develop, finance, construct and operate up to100MW of renewable energy projects in Northern Ireland and Ireland. The projects will use the "Carbon Recycling" concept of diverting municipal,commercial and industrial waste from landfill using RE3 Steam AutoclavingCentres to create a biomass fibre feedstock suitable for the generation ofrenewable electricity. RE3 has selected the first two treatment sites with therelevant planning permissions and the directors of KP Renewables expectcommercial operations to commence in mid 2006. Carbon Recycling is an alternative to fossil fuel derived electricity whichreduces net CO2 emissions. Renewable electricity also generates valuable creditsin the form of Renewable Obligation Certificates or ROCs. The biomass fibre for the renewable energy projects will be produced by anadvanced autoclave process called STAR (Steam Treatment And Recycling), designedand produced by KP Wellman Limited, a 130 year old engineering group based inOldbury, UK. Both KP Renewables and KP Wellman Limited are subsidiaries ofKwikpower International plc. Under the JDA the directors expect each individual project to produce up to 10MWof renewable energy which, it is intended, will be sold to major energysuppliers. The potential exists for a proportion of the energy produced to besold under the power purchase agreements outlined in KP Renewables' AIMadmission document dated 26 July 2005. The JDA signed between the parties, while non-binding, provides a specificframework for the projects to be developed by the parties. The final ownershippercentage and investment by the parties will be finalised for each individualproject as they are developed. Dr. James Watkins, CEO of KP Renewables commented "We are delighted that RE3 iscooperating with us to recycle carbon waste streams using an environmentallysound option such as the STAR process. This agreement with RE3 will allow KPRenewables access to the renewable energy market in Northern Ireland and Ireland". Professor Debbie Boyd, CEO of RE3 commented "This strategic alliance greatlyexpands the opportunities of RE3 for our waste recycling and recovery projects.Turning waste into biomass fibre and using it as a clean fuel is a compellingvalue proposition for all involved. Because of the novel STAR processtechnology, RE3 and KPR have real potential to produce renewable energy, cleanlyand efficiently, for the Northern Ireland and all island energy market". Contacts: Dr James Watkins, CEO KP Renewables +44 (0) 20 8231 8820Robert Smyth, Finance Director Prof Deborah Boyd, CEO RE3 +44 28 3887 2020Debbie.boyd@btconnect.com About KP Renewables plc KP Renewables was established to be the leading independent renewable energycompany in the UK. KP Renewables has agreed 520MW of forward "put" option PowerPurchase Agreements for ROC qualifying power, based on delivering a mix of wind,biomass and "Carbon Recycling" projects. KP Renewables shares are quoted on the AIM market on the London Stock Exchangeunder the symbol KPR and are also quoted on the Frankfurt, Munich and BerlinStock Exchanges under the symbol K1P. For more information see www.kprenewables.com About Resource, Recycling and Recovery Limited RE3 was founded by Professor Debbie Boyd, a renowned specialist in Ireland inenvironment, waste management and recycling. RE3 has combined Irish and Americanfinancing to develop projects in Ireland using advanced autoclave wastetreatment technology to convert the carbon fraction of municipal, commercialand industrial waste into bio-fibre suitable for generation of renewableelectricity. RE3 Mission Statement is as follows "Resource Recycling & Recovery is committed to bringing innovative and advancedsolid waste management technologies to its customers and their communities. Re3will accomplish this goal through the disciplines of science and engineeringwith a team of creative and highly motivated individuals while ensuringregulatory compliance and utmost respect for nature and the environment." This information is provided by RNS The company news service from the London Stock Exchange