18 Jun 2015 14:34
18 June 2015
INFINIS ENERGY PLC (Symbol: INFI)
Infinis response to announcement from Department of Energy and Climate Change
on the early closure of the RO for new onshore wind projects
Infinis Energy plc ("Infinis" or the "Company"), the UK's leading independent generator of renewable power, notes today's announcement from the Secretary of State for Energy and Climate Change that the Government intends to legislate to close the Renewables Obligation to new onshore wind generating stations from 1 April 2016.
Infinis confirms that its two onshore wind projects currently in construction, the A'Chruach (43MW) and Galawhistle (66MW) wind farms in Scotland, will remain eligible to be built out under the existing RO regime.
Infinis further notes that the Government announced that up to 5.2GW of onshore wind capacity in advanced stages of development could be eligible for grace periods. The company awaits further clarity on these proposals but remains confident that it will be able to build out its 130-150MW growth target in full under the RO.
Eric Machiels, CEO, said: "At a time when the Government has pledged to meet its international obligations to reduce carbon emissions and decarbonise power generation, Infinis continues to believe that onshore wind remains the most effective renewable energy technology that is best placed to help achieve these goals at the lowest cost to consumers. Given the good progress of our A'Chruach and Galawhistle construction projects and the maturity of some of our other consented projects, we remain confident that we will deliver on our 130-150MW growth target by 2017."
For further information, please contact:
Investors and analysts: Will Cooper, Head of Investor Relations
Infinis Energy plc
Telephone: +44 (0) 1604 742338
Email: equityinvestors@infinis.com
Media: Brunswick Group LLP
David Litterick / Simon Maine
Telephone: +44 (0)20 7404 5959
Email: infinis@brunswickgroup.com
Notes to Editors
About Infinis Energy plc:
Infinis is the UK's leading independent generator of renewable power, operating a growing portfolio of landfill gas (LFG) and onshore wind plants across the UK.
We employ approximately 365 people across 137 operating sites with an aggregate generating capacity of 589MW, comprising, 121 LFG sites (315MW) and 16 onshore wind farms (274MW). In addition, Infinis has a strong onshore wind development portfolio with 109MW of onshore wind assets under construction.