1st Nov 2005 16:17
Renewable Energy Generation Ltd01 November 2005 01 November 2005 Renewable Energy Generation Ltd ("REG") Placing of 30,000,000 new ordinary shares to raise £30m Renewable Energy Generation ("REG") the AIM listed investor in renewable energygeneration projects announces the Placing of 30,000,000 New Ordinary Shares at aprice of 100p (the "Placing"), raising funds of £30m (gross of expenses). NumisSecurities Limited has underwritten the Placing. Application has been made for the New Ordinary Shares to be issued pursuant tothe Placing to be admitted to trading on AIM. It is expected that such admissionto AIM will become effective, and dealings in the New Ordinary Shares willcommence, on 7 November 2005. REG intends to utilise the net proceeds from the Placing to facilitate itsdevelopment programme planned for 2006 and 2007. This programme includes thefollowing: - development of the portfolio of 24 wind projects in the UK recently purchased from npower renewables; - continued investment in the extension of the Tymien wind power project in Poland; - continued investigation of the repowering potential of the 14 turbines currently operating at Goonhilly Downs in Cornwall; and - the potential development of projects in Lithuania, in respect of which REG has recently signed heads of terms. Mike Liston, Chairman of REG said: "We are very pleased with this new fund raising, it will allow us to capitaliseon our successes to date which have so far exceeded our expectations. Our current portfolio includes assets in all stages of development: thecurrently operating site at Goonhilly Downs in Cornwall; the Tymien project inPoland, of which the first 50MW is nearing completion; the recently acquireddevelopment sites in the UK; and our partnership agreement with Baltic NaturalEnergy in Lithuania. We have a large portfolio of high quality investment opportunities, and now havethe funds to develop and exploit their potential." -ends- For further information please contact: Renewable Energy Generation Limited: Andrew Whalley - 01483 400444 Numis Securities Limited: Andrew Dawber - 020 7776 1500 College Hill Associates: Paddy Blewer - 020 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WIND.L