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27 Jan 2010 07:00
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27Β January 2010
Renewable Energy Holdings plc
("REH" or theΒ "Company")
Trading Update
The board of directors ofΒ Renewable Energy Holdings plc (AIM:Β REH)Β (the "Board"), the AIM quoted investor and operator ofΒ European wind power,Β is pleasedΒ toΒ provide an operational and trading update for the financialΒ year ended 31 December 2009.
German Wind Farms
The Directors are pleased to announce that wind conditions inΒ GermanyΒ improved in the second half of the yearΒ bolstered by one of the windiest Novembers on record.
Landfill Gas
As announced on 21 January 2010,Β REHΒ completedΒ the disposalΒ of Bryn Posteg Landfill Gas Site inΒ Wales, in line with the Company's strategy.
PolandΒ Wind Farm
Following theΒ completion of theΒ acquisition of Gamar GHL, a Polish wind farm developer, fully permitted for 30MW in Kobylany, South Eastern Poland, announced onΒ 31 July 2009,Β REH is pleased to announce that significant progress has been made with potential project lenders andΒ the BoardΒ looks forward to up-dating the market furtherΒ withΒ developments at the appropriate time.
Welsh Wind Farm
An application for all necessary permits has now been fully completed and submissionΒ to the appropriate authorities isΒ expected shortly.
CETO Investment
TheΒ sale ofΒ ourΒ CETO IP toΒ ASXΒ listedΒ Carnegie Wave Energy Limited (CWE) was completedΒ onΒ 24Β DecemberΒ 2009, consideration for which was 235,000,000 ordinary shares in CWE (the "CWE Shares"). Under a separate agreement withΒ EDF Energies Nouvelles SAΒ ("EDF"), entered into onΒ 6 JulyΒ 2009, EDFΒ is contractually entitled to 2,400,000 of the CWE Shares allotted to REH, in consideration for waiving its pre-emption rights and licence fee allocations. Due to trading restrictions imposed on the CWE Shares, CWE will allot 2,400,000 CWE SharesΒ directly to EDFΒ once approval has been granted byΒ the Foreign Investment Review BoardΒ of Australia. Consequently,Β REHΒ was issued withΒ 232,600,000Β CWE SharesΒ on 29 December 2009,Β which areΒ currently valued atΒ circa.Β Β£19.5Β millionΒ [checkΒ this is up to date before we release], and which areΒ subject to trading restrictionsΒ untilΒ 23 December 2010.
Financial performance
As a result of theΒ improvedΒ performance from the Company's German Wind Farm AssetsΒ in the second half of the year,Β as outlined above, REH is pleased to announce that the financial performance of the Company'sΒ wind farm and landfill gasΒ operationsΒ for the full year ended 31 December 2009Β is in line withΒ marketΒ expectations.Β
The Company will announce its preliminary results on or around theΒ 8thΒ MarchΒ 2010.
For further information, please contact:
|
Renewable Energy Holdings plcΒ Mike Proffitt, Chief ExecutiveΒ |
Tel: +44 (0)Β 16 2464 1199 |
|
Strand Hanson Limited Rory MurphyΒ / James Spinney |
Tel: +44 (0)Β 20 7409 3494 |
|
Novus Capital Markets LtdΒ Charles Goodfellow /Β Paul Dudley |
Tel: +44 (0)Β 20 7107 1872 |
|
Financial Dynamics Billy CleggΒ / Ed WestroppΒ / Alex Beagley |
Tel: +44Β (0)Β 20 7831 3113 |
Please find below the operational update made byΒ Carnegie Wave Energy LimitedΒ onΒ 18 JanuaryΒ 2010:
"18 January 2010
Carnegie WaveΒ EnergyΒ Limited
Launch ofΒ PerthΒ Wave Energy Project
PerthΒ Wave Energy Project Launched by State Government
Full Scale Offshore Deployment Activities Commenced
Jack Up Rig Onsite Deploying Mooring
Australian Wave Energy developer, Carnegie Wave Energy Limited (ASX: CWE), is pleased to advise of the formal launch yesterday of its Perth Wave Energy Project by Western Australian Minister for Energy the Honorable Peter Collier at Carnegie's Wave Energy Research Facility in Fremantle, Western Australia.
Stage one of the project, which has already commenced, involves the deployment of aΒ single stand-alone commercial scale CETO unit in the Sepia Depression, betweenΒ GardenΒ IslandΒ and Five Fathom Bank in 2010. The deployed system will consist of the mooring, aΒ CETO unit and a data telemetry buoy. Deployment of the CETO unit will be for an initialΒ period of up to 12 months involving periodic inspection and maintenance of components.
This will be the first commercial scale wave energy unit to be deployed inΒ Australia. As previously reported, activities on site relating to the deployment of the first commercialΒ scale, autonomous CETO wave energy device have already commenced. Currently theΒ jack-up rig (JUP) owned and operated by Boskalis Australia Pty Ltd, pictured below, is onΒ site and installing a drilled and grouted pile mooring that will form the foundation for Stage 1Β of the project. It is expected that this activity will be completed shortly.
Carnegie's Chief Operating Officer,Β Greg Allen, said, "Upon its completion, Carnegie's PerthΒ Wave Energy Project will be the first commercial scale wave energy project to operate inΒ Australia. The primary aim of the project is to demonstrate the CETO technology inΒ commercial operation for the first time however, it will also deliver Carnegie its first projectΒ basedΒ revenues from the sale of power."
The commercial demonstration project will have a peak installed capacity of 5MW, generating sufficient power for around 3,500 households. The Project is forecast to createΒ 30 jobs and save over 500,000 tonnes in greenhouse gas emissions over the life of theΒ project. The project will utilise Carnegie's $12.5 million LEED grant from the WesternΒ Australian Government announced earlier this year. Detailed cost and design activitiesΒ associated with Stage 2 will be undertaken during 2010 with construction andΒ commissioning scheduled for 2011.
About CETO
The CETO system distinguishes itself from other wave energy devices by operating out ofΒ sight and being anchored to the ocean floor. An array of submerged buoys is tethered toΒ seabed pump units. The buoys move in harmony with the motion of the passing waves,Β driving the pumps which in turn pressurise water that is delivered ashore via a pipeline.
High-pressure water is used to drive hydroelectric turbines, generating zero-emission
electricity. The high-pressure water can also be used to supply a reverse osmosis
desalination plant, replacing greenhouse gas emitting electrically driven pumps usuallyΒ required for such plants.
CETO Technology characteristics include:
CETO converts wave energy into zero-emission electricity and desalinated water
CETO is environmentally friendly, has no visual impact and attracts marine life
CETO is fully submerged in deep water away from popular surf breaks
About Carnegie
Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE) wave energy and cleanΒ technology developer. Carnegie is the owner and developer of the CETO Wave EnergyΒ Technology intellectual property. REHΒ owns 232,600,000 shares in CWE or approximately 30%."
The Board expects thatΒ REH's audited accounts and annual report for the year ended 31 December 2009 will be published onΒ 8 March 2010."
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