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15 Mar 2011 07:00
Press Release 15 March 2011
Renewable Energy Generation Ltd
Power Purchase Agreement
Renewable Energy Generation (AIM: WIND), the UK renewable energy developer and operator, today announces that it has signed a new power purchase agreement ("PPA") covering 8 of its 10 operating UK wind projects. The sites total 34.4MW of capacity and include REG's new projects at Goonhilly Downs, Loscar and High Haswell.
The PPA has been signed with Statkraft Markets GMBH. Statkraft, the Norwegian energy utility, is Europe's largest renewable energy company, operating and developing hydropower, wind power, gas power and district heating schemes across Europe. Statkraft has an A- credit rating from both Moody's and Standard & Poor.
The PPA provides REG with fixed prices until March 2014 and covers all electrical output along with Levy Exemption Certificates, Triads, REGOs, Renewable Obligation Certificates and other embedded benefits generated by the wind farms.
Andrew Whalley, Chief Executive Officer of REG, said:
"The PPA we have signed with Statkraft is a component of the current refinancing of REG's existing operating wind farms and is highly flexible, allowing REG shareholders to benefit from any increases in UK power prices beyond 2014. We are delighted to be able to sign this off take agreement with Statkraft which provides a strong counterparty to our project financing initiative."
ENDS
Enquiries:
Renewable Energy Generation Limited Andrew Whalley, Chief Executive Officer David Crockford, Finance Director Ian Lawrence , Communications Manager
| +44 (0)1483 901 790 |
Smith & Williamson Corporate Finance Limited (Nominated Adviser) Nick Reeve / Martyn Fraser
| +44 (0)117 376 2213 |
Evolution Securities (Corporate Broker) Garry Levin / Tim Redfern / Stuart Andrews
| +44 (0)20 7071 4300 |
MHP Communications Katie Hunt / Vicky Watkins
| +44 (0)20 3128 8100 |
Notes to Editors
Renewable Energy Generation Ltd (REG) is a UK orientated renewable energy group. The Group's main business is the development, construction and operation of wind farms in the UK and generating power from refined used cooking oil in the UK.
·; REG Windpower: based in Cornwall and Bath, UK, it currently operates ten wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Cumbria and Gwynedd, with a total capacity of 41.15MW and has a development pipeline of around 560MW.
·; REG Bio-Power UK Ltd: based in Nottingham, UK: it operates electricity generation plant fuelled by waste vegetable oil.
Headquartered in Jersey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM: WIND).
www.renewableenergygeneration.co.uk
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