Admission to AIM

29 Jul 2005 08:01

KP Renewables PLC29 July 2005 Embargoed for release until 8:00am July 29 2005 London, England KP Renewables Plc ("KP Renewables" or the "Company") - Admission to AIM KP Renewables is pleased to announce the admission of its shares to trading onAIM. The Company has raised a total of £3.9 million which will be used to fund theworking capital of the business and invest, on a discretionary basis, togetherwith joint development partners, in renewable energy projects. KP Renewables' strategy is to establish a leading position in the UK renewableenergy sector by developing a diversified portfolio of renewable energyprojects. The Company has entered into agreements which enable it to sell up to520MW in aggregate of renewable energy on pre-agreed terms to British Gas,BizzEnergy and Scottish & Southern. The Company's Board of Directors is headed by John Bryant, previously presidentof Cinergy Global Power Inc. and includes members with a wide range ofexperience gained in the energy sector. The Company intends to co-invest (up to 50%) with small to mid-sized generatorswho may not otherwise be able to secure similar sales arrangements with largeelectricity suppliers. It has negotiated a number of joint developmentagreements with development partners for a range of energy projects based onbiomass and wind technologies. In addition to equity finance, the company willprovide project structuring, development and financing expertise. KP Renewables' Chief Executive, Dr James Watkins said: "We believe we have developed an innovative aggregation model which puts thecompany in a strong position to generate value by providing an easier route tomarket for small to mid-sized renewable energy generators. The agreements wehave secured should speed the development of projects that use renewable sourcessuch as biomass, wind power and anaerobic digestion. With KP Renewables as aco-development partner, small and mid-sized generators will be able to raisefunding for their development of renewable projects more easily." An admission document is available, free of charge, from Hunton & Williams,Fleetway House, 25 Farringdon Street, London EC4A 4AB. For further information contact: Dr James Watkins, Chief Executive, KP Renewables plc 020 8899 6140Jonathan Hinton/Robin Binks, Deloitte & Touche LLP 020 7007 1831Allan Piper, First City Financial Public Relations 020 7436 7486 This information is provided by RNS The company news service from the London Stock Exchange