26th Jan 2012 07:00
26 January 2012
Renewable Energy Generation Ltd
Extension to Power Purchase Agreement
Renewable Energy Generation Limited ("REG") (AIM: WIND), the UK renewable energy group, today announces that it has extended two Power Purchase Agreements (PPAs) until March 2015.
REG has lengthened the fixed price element for electrical output under its PPA, with Statkraft Markets GMBH, to take in the Summer 14 (April to September 2014) and Winter 14 periods (October 2014 to March 2015).
The PPA relates to 8 of REG's 10 operating wind farms, all of which are covered by long-term financings with The Co-Operative Bank.
Andrew Whalley, REG Chief Executive Officer, said: "This agreement covers 34.4MW of operating capacity and gives REG additional visibility and stability in a volatile power market. I am also delighted to be continuing our relationship with Statkraft, Europe's largest renewable energy company."
Enquiries:
Renewable Energy Generation Limited Andrew Whalley, Chief Executive Officer David Crockford, Finance Director Ian Lawrence, Communications Manager
| +44 (0)1483 901 790 |
Smith & Williamson Corporate Finance Limited (Nominated Adviser) Nick Reeve / Martyn Fraser
| +44 (0)117 376 2213 |
Investec (Corporate Broker) Garry Levin
| +44 (0)20 7597 5000 |
City Profile Simon Courtenay / Abigail Genis | +44 (0)20 7448 3244 |
Notes to editors
Renewable Energy Generation Ltd (REG) is a UK renewable energy group. Its main business is the development, construction and operation of wind farms and generating power from refined used cooking oil.
REG Windpower: based in Truro and Bath, UK, it currently operates ten wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Cumbria and Gwynedd, with a total capacity of 41.15MW and has a development pipeline of over 1,000MW.
REG Bio-Power UK Ltd: based in Nottingham, UK: it operates electricity generation plant fuelled by waste vegetable oil.
Headquartered in Jersey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM: WIND).
www.renewableenergygeneration.co.uk
Related Shares:
WIND.L