REH.L Regulatory News (REH)

25 Apr 2007 11:29

Renewable Energy Holdings plc25 April 2007 25 April 2007 Renewable Energy Holdings plc REH Announces €135 Million Credit Facility Renewable Energy Holdings plc ("REH"), the AIM-listed investor and operator ofproven and innovative renewable energy technologies, today announces that it hasbeen informed that Standard Chartered Bank has obtained credit approval toprovide REH with a project finance facility of up to €135,000,000 (c. £91.8m).The facility will fund the refinancing of REH's existing assets in Germany andsubsequently, subject to meeting certain investment criteria and conditions, the4.6MW expansion to its German windfarm, a further 8MW expansion in Germany andthe Company's windfarm pipe-line in Europe and the UK. It is expected that thelegal and documentation requirements for financial close of the facility will besatisfied within the next month. "We always planned to refinance our German projects as the level of equityrequired for construction financing was considered too high," said MikeProffitt, Chief Executive Officer of Renewable Energy Holdings. "I am delightedthat the Company will now see the release of that capital which will be used forfurther growth." Shane Bush, Head of Global Renewable Energy at Standard Chartered Bank, said, "Standard Chartered Bank is delighted with the opportunity to strengthen itsrelationship with REH as it commences this key stage of growth in the veryattractive renewable energy market." For further information, please contact: Renewable Energy Holdings plc Mike Proffitt, Chief Executive Officer Tel: 01624 641199 Parkgreen Communications Ltd Paul Mc Manus Tel: 020 7479 7933 or Mob: 07980 541 893 paul.mcmanus@parkgreenmedia.com Nabarro Wells & Co. Ltd Richard Swindells Tel: 020 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange