1st Mar 2005 10:23
Renewable Energy Holdings plc01 March 2005 1 March 2005 Renewable Energy Holdings plc EXCLUSIVE MANDATE AGREEMENT WITH STANDARD CHARTERED BANK PLC Renewable Energy Holdings plc ('REH'), which recently raised £10 million (beforeexpenses) to invest in both proven and innovative renewable energy technologies,announces that it has signed a mandate with Standard Chartered Bank plc ('Standard Chartered'), which gives it exclusive access to renewable energyprojects that Standard Chartered source through the extensive network the bank'srenewable energy team has developed. Standard Chartered's renewable energy team provides advisory, banking and debtfinance services to the industry globally, and has advised on and raised debtcapital for approximately 800 Megawatt of renewable energy projects,representing investments in excess of $US900 million. Under the terms of the 90day agreement REH will have exclusive access to Standard Chartered sourcedprojects, with the opportunity to invest in them should the investment profilebe attractive. Standard Chartered's Renewable Energy team have extensive experience in therenewable energy sector, particularly wind power projects, and it is expectedthat REH will target projects in UK, Ireland, Germany, France, Italy and Spain. In February 2005, REH announced that Corporate Synergy Plc, the Company'sNominated Adviser and Broker, had successfully raised £10 million (beforeexpenses) by way of a placing of shares and admission to trading on AIM. Over 50per cent. of the funds raised are to be used to invest in proven renewableenergy technology and operations. REH's first investments are anticipated to bein wind power projects. Commenting, Mike Proffitt, Chief Executive, stated: "We believe that the exploitation of renewable energy sources is becomingincreasingly economically and commercially attractive. The signing of agreementssuch as these, and the ability to work alongside partners, such as StandardChartered, who have such a strong reputation within the renewable energy sector,will give REH a lead as a key investor in this growing sector." Contacts: Renewable Energy Holdings Corporate Synergy Binns & Co PR LtdMike Proffitt, Chief Executive John Prior Paul McManus Tel: 020 7153 1485Mob: 07624 462 633 Tel: 020 7626 2244 Mob: 07980 541 893 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
REH.L