1st Aug 2014 10:16
LONDON (Alliance News) - Renewable Energy Holdings PLC shares rose sharply on Friday after the firm said the Planning Inspectorate has received an Order Granting Development Consent application from Mynydd y Gwynt Ltd for the Mynydd y Gwynt Wind Farm.
Shares in the firm were up 20% to 1.35 pence mid-morning, putting it in second place amongst the AIM risers. It has a sale and purchase agreement with Mynydd y Gwynt Ltd for the development of the potentially 81 megawatt wind power project.
Renewable said the Planning Inspectorate will now assess the application and has 28 days to decide if the application meets the required standards for acceptance.
The Mynydd y Gwynt application involves 27 wind turbines of 3-3.3 megawatts each, giving an overall capacity of 81-89.1 megawatts.
In June, Renewable Energy, which has yet to generate any revenues, said its loss had significantly narrowed in 2013, following hefty writedown costs the year earlier.
By Sam Unsted; [email protected]; @SamUAtAlliance
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