23rd Dec 2008 07:00
23 December 2008
Renewable Energy Generation Limited
("REG" or the "Group")
Purchase of remaining 10% of REG Bio-Power
Renewable Energy Generation Limited ("REG" or the "Company"), the international renewable energy group, today announces that it has purchased the remaining 10 per cent of its subsidiary REG Bio-Power not already owned by REG.
Based in Norfolk, UK, REG Bio-Power operates an electricity generation plant fuelled by refined used cooking oil. The purchase of the remaining 10% was for a total consideration of 150,000 new ordinary shares of 10 pence each in the Company ("Ordinary Shares").
Application has been made for Admission to trading on AIM of the new Ordinary Shares and dealings are expected to commence on 31 December 2008. The Ordinary Shares will, on Admission, rank pari passu with and will be identical in all respects to, the existing Ordinary Shares of the Company.
Andrew Whalley, Chief Executive Officer of REG, said:
"The development of REG Bio-Power is going very well and with our 6MW plant at Bentwaters now in commercial operation under a 12 hour per day peaking power purchase agreement, we have taken the opportunity to acquire the outstanding shares in REG Bio-Power that we did not own. With ROC banding due to be introduced into the UK next April and testing on a range of vegetable oils for our plant now well underway we are confident that REG Bio-Power is well positioned for next year".
Enquiries:
|
Renewable Energy Generation Limited Andrew Whalley, Chief Executive Officer David Crockford, Finance Director |
+44 (0)14 8340 0444 |
|
Numis Securities Limited Nominated Advisor: Simon Blank Corporate Broking: David Poutney / Charles Farquhar |
+44 (0)20 7260 1000 |
|
Hogarth Partnership Julian Walker, Sarah MacLeod, Vicky Watkins |
+44 (0)20 7357 9477 |
Notes to Editors
Renewable Energy Generation Ltd (REG) is an international renewable energy group. The Group's main business is the development, construction and operation of wind farms in the UK and Canada. It also generates power from refined used cooking oil in the UK.
The Cornwall Light & Power Co. Ltd: based in Cornwall, UK, it currently operates seven wind projects in Cornwall, County Durham, Cumbria, Cambridgeshire and Gwynedd, with a total capacity of 21.3MW and has a development pipeline of around 250MW.
AIM PowerGen Corporation: based in Toronto, Canada, AIM PowerGen Corporation is one of Canada's largest independent wind developers and has a pipeline of over 5GW of potential wind projects across seven provinces.
REG Bio-Power UK Ltd: based in Norfolk, UK, it operates electricity generation plant fuelled by refined used cooking oil.
Headquartered in Guernsey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM:RWE).
www.renewableenergygeneration.co.uk
Related Shares:
WIND.L