Completion of Disposal

29 September 2010

Renewable Energy Holdings plc

("REH" or the "Company")

Completion of Disposal

Further to the announcement made by the Company on 23 September 2010 and the circular to shareholders dated and posted 7 September 2010 (the "Circular"), REH is pleased to announce that the disposal by the Company's wholly owned subsidiary, REH Global Limited ("REH Global"), of its entire interests in Windpark Kesfeld Heckhuscheid GmbH & Co KG ("Windpark Kesfeld") and Windpark Kirf GmbH & Co KG ("Windpark Kirf") to Allianz Renewable Energy Management GmbH ("Allianz") for a total net cash consideration of up to €39.8 million, comprising up to €37.8 million of Initial Consideration and up to €2.0 million of Deferred Consideration, has been completed (the "Closing"). Of this Initial Consideration, €30.4m has been used to repay the debt secured on the German Wind Assets.

The Deferred Consideration has been paid into an escrow account and will be released to REH Global or returned to Allianz in the following amounts and circumstances:

·; €1,339,000 in respect of Windpark Kesfeld and €416,000 in respect of Windpark Kirf to the extent that, by 31 December 2010, all of their respective wind turbines meet the eligibility requirements to receive a system services bonus and that, by 30 June 2012, the grid operator confirms such eligibility and has made its first monthly payment of such system services bonus;

·; €13,500 per lease agreement (of which there are 10, in total) in respect of which REH Global obtains a waiver of the obligation to provide for decommissioning security to the benefit of the relevant landowners prior to 31 March 2011; and

·; €100,000 payable upon Allianz being provided, within 1 year of Closing, with confirmation from RWE AG that wind turbines numbers 3 and 12 delivered electricity to the grid in 2005.

The board of directors of REH currently intends that the majority of the remaining proceeds of the Disposal (inclusive of the Deferred Consideration) which is now €8.1 million before expenses will be re-invested in the Kobylany Wind Farm Project in Poland over a period of 18 months, subject to the availability of sufficient debt finance currently being negotiated with a number of banks.

Unless the context otherwise requires, the defined terms used in this announcement shall have the meanings given to them in the Circular, which is also available on the Company's website at www.reh-plc.com.

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