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6 Aug 2009 11:46
6 August 2009
Renewable Energy Holdings plc
("REH" or the "Company")
Completion of Acquisition
Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies is pleased to announce that further to its announcement of 31 July 2009 in relation to the Utilico Loan, Placing and Subscription, it has now completed the acquisition of Gamar GL ("Gamar") for €2m.
Gamar is a Polish development company, fully permitted to build a 30MW wind project in Kobylany, Southeast Poland (the "Kobylany Wind Farm Project"). When commissioned, the Kobylany Wind Farm Project is expected to produce a total output of approximately 78,000 MWh of electricity per annum which equates to approximately €8 million of revenue per annum at current prices.
Mike Proffitt, CEO of REH, commented that:
"We are pleased that our work with Gamar over the past three years has resulted in the acquisition of the Kobylany Wind Farm Project, we believe it has the potential to become a highly cash generative wind power asset, due to the favourable wind regime in it's mountainous location.
"We will now work to complete arrangements to facilitate construction and commissioning of the project and expect to reach financial close on the project in Q4 2009 and optimise REH shareholder value by either building and commissioning the project or by selling it."
- Ends -
For further information, please contact:
Renewable Energy Holdings plc Tel: 01624 641199
Mike Proffitt, Chief Executive
Ambrian Partners - Nominated Adviser & broker Tel: 020 7634 7405
Richard Swindells / Andrew Craig
Financial Dynamics Tel: 020 7831 3113
Jonathon Brill/Billy Clegg/Edward Westropp/Alex Beagley
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