Issue of Equity

For immediate release

28 April 2011

Alternative Energy Limited

("Alternative Energy" or "the Company")

Issue of Equity and Appointment of Joint Broker

The Company is pleased to announce that it has placed 22,500,000 Ordinary Shares at a price of US$0.04 per share thereby raising $900,000. The monies will be used to aid the Company's sales and marketing efforts in relation to its energy saving products, to progress the commercial rollout of the eRoof and eLive system and for additional general working capital purposes.

Application has been made for the 22,500,000 Ordinary Shares, which will rank pari passu with all existing ordinary shares, to be admitted to trading on AIM and trading in such shares is expected to commence on or around 6 May 2011.

The total number of shares in issue is now 1,552,582,930 and the total number of Ordinary Shares held in Treasury is 1,922,966.

The Company is also pleased to announce the appointment of Beaufort International Associates Limited as joint broker to the Company with immediate effect.

ENDS

About Alternative Energy

Alternative Energy Limited is headquartered in Singapore. Through its team of Singapore based engineers, Alternative Energy has developed a number of technologies including its patented roof based energy system, the eRoof. The Company is now producing its third generation eRoof for commercial roll out this year. The Company is also developing a number of energy saving technologies designed to reduce power consumption, led by its LED lighting systems, which will combine with its energy generation systems to enable the creation of energy self sufficient buildings.

'NOW THE WORLD HAS AN ALTERNATIVE' TM

For further information please see the Company's website: www.alternativenergy.com.sg or please contact:

Alternative Energy Limited

Eric Goh, Director +65 9060 1355

Richard Lascelles, Director +44 (0) 20 7408 1067

Beaumont Cornish Limited

Nominated Advisor and Joint Broker

Roland Cornish and James Biddle +44 (0) 20 7628 3396

Beaufort International Associates Limited

Joint Broker

Kevin Feeny and Saif Janjua +44 (0) 20 7930 8222