11th Oct 2005 09:30
Renewable Energy Holdings plc11 October 2005 For Immediate Release Renewable Energy Holdings plc Completion of acquisition of 32.5MW Wind Farm in Germany Renewable Energy Holdings plc ("REH" or the "Company"), the AIM listed investorand operator of proven and innovative renewable energy technologies, announcesthat it has reached financial closure of the acquisition of WindparkKesfeld-Heckhuscheid GMBH & Co. KG ("Windpark"). This follows on from theannouncement on the 20 July 2005 regarding the conditional acquisition ofWindpark. Windpark, formerly owned by EDF Energies Nouvelles S.A ("EDF"), was establishedto build a 32.5MW wind farm located in Kesfeld, Germany. It is expected that27.9MW's will be fully operational by the end of November 2005, with theremaining 4.6MW's becoming operational by the end of July 2006. The relatedacquisition of the 9.2MW Kirf Windpark continues to progress. In addition, further to the announcement on 5 September 2005 that REH had signeda contract with Boeing Service Company ("Boeing"), REH will work with Boeing forthe first time on the Windpark project. Boeing will use its communicationsexpertise to allow REH to monitor the performance of the wind farm's turbines,in real-time, from their headquarters in the Isle of Man. The Company has also signed a weather hedge agreement for the Windpark project.The hedge provides the company with cover in the event that the wind drops below93.25% of levels predicted by REH's management. The hedge will providepredictable revenues and a guaranteed cashflow from the first quarter of 2006. Renewable Energy Holdings plc Binns & Co PR Ltd Corporate Synergy PlcMike Proffitt, Chief Executive Paul McManus John Prior Tel: 020 7153 1485Tel: 01624 64 11 99 Mob: 07980 541 893 Tel: 020 7448 4400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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