2nd Jun 2008 07:00
Date: 2 June 2008
On behalf of: Renewable Energy Holdings plc ("REH" or "the Company")
Embargoed until: 0700hrs
Renewable Energy Holdings plc
Standard Chartered Bank credit facility extended
Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies, announces that Standard Chartered Bank has agreed to increase and restructure the Company's project finance facility from €135 million (c. £107 million) to approximately €177 million, provided as €76 million and £80 million. The split in currencies reflects the diversification of the Company's wind portfolio across different territories.
The facility is intended to finance the expansion of REH's wind farm portfolio, which currently includes two sites in Germany generating a total of 40.5MW and a 30MW site under development in Poland, plus negotiations on a 69MW site in Wales which are at an advanced stage. The Company has currently drawn down €37 million of the Standard Chartered Bank facility for the Kesfeld and Kirf wind farm sites.
Commenting on the extension of the facility, Mike Proffitt, Chief Executive of REH, said:
"We are focused on diversifying our wind portfolio to gain exposure to different wind regimes and tariff structures. When REH was founded in 2005, we set ourselves a target of achieving 150MW of wind capacity by 2010 and the project facility from Standard Chartered Bank is an important part of our strategy in realising this goal. We are delighted with their continued support."
For further information please contact:
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Mike Proffitt, Chief Executive |
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Renewable Energy Holdings plc |
Tel: 01624 641199 |
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Richard Swindells |
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Nabarro Wells - Nominated Adviser to REH |
Tel: 020 7634 7405 |
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Katherine Roe / Ashton Clanfield |
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Panmure Gordon - Broker to REH |
Tel: 020 7459 3600 |
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Samantha Robbins / Sanna Sumner |
reh@redleafpr.com |
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Redleaf Communications |
Tel: 020 7822 0200 |
Notes to Editors
About Renewable Energy Holdings
Renewable Energy Holdings is an international company established to be an operator of, and undertake active investment in, both proven and innovative renewable energy technologies.
REH owns two operational wind farm sites is Germany, Kesfeld (32.5MW) and Kirf (8MW). In addition, REH is at various stages of development of further wind farm sites in Poland and Wales.
REH owns a 1MW methane Landfill Gas Project in Powys, Wales.
CETO is REH's innovative wave power technology. It is the first wave power converter to sit on the seabed, where it is invisible, safe from storms and ocean forces, and self contained. Unlike other wave energy technologies that require undersea grids and costly marine qualified plant, CETO requires only a small diameter pipe to carry high pressure seawater ashore to either a turbine to produce electricity, or to a reverse osmosis filter to produce fresh water.
The Directors and executive team of REH have extensive experience in both the conventional and renewable energy sectors, both in the UK and overseas, and through their experience have built a broad international network of relationships with individuals, companies, governments and lobby groups.
The Company was incorporated in the Isle of Man on 8 October 2004 and listed on the London Stock Exchange's AIM Market in February 2005.
Further information can be found at www.reh-plc.com
Related Shares:
REH.L