10th Oct 2014 08:56
Renewable Energy Generation Ltd
Project financing for Whitemoor Bio-Power project
Renewable Energy Generation Limited ("REG") (AIM: WIND), announces that it has signed a term loan facilities agreement with Caterpillar Financial Services ("Cat Financial") for the financing of its 18MW Bio-Power plant at Whitemoor Business Park, near Selby in Yorkshire. The financing is for a total of £4.8m and has a seven year repayment term.
The Whitemoor project is in the final stages of testing and is expected to be operational by the end of October. The project will be used principally to provide power under National Grid's Short Term Operating Reserve ("STOR") service. The plant will utilise REG's patented LF100 fuel recovered from recycled waste cooking oil.
Andrew Whalley, Chief Executive Officer said:
"The completion of Whitemoor, the largest generating project REG has ever built, marks a sea-change in scale for the business.
"We are delighted to be partnering with Cat Financial for the financing of the project, testament to the manufacturer's confidence in our technology and REG's patented LF100 fuel that we are using for the project.
"The ten Cat® 3516 B-HD engines at Whitemoor are highly robust power plants in use globally. This is important as the plant will be providing a vital service in support of the electricity grid as the UK transitions to a lower carbon future."
Enquiries:
Renewable Energy Generation Limited Andrew Whalley, Chief Executive Officer David Crockford, Finance Director Ian Lawrence, Communications Manager | +44 (0)1483 346550 |
Smith & Williamson Corporate Finance Limited (Nominated Adviser) Martyn Fraser | +44 (0)117 376 2213 |
Cenkos (Corporate Broker) Bobbie Hilliam/Max Hartley | +44 (0)20 73978900 |
Broker Profile Simon CourtenayTamsin Shephard | +44 (0)20 7448 3244 |
Notes to editors
Renewable Energy Generation Ltd (REG) is an AIM listed 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, Bath and Guildford, UK, it currently operates 11 wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Lancashire, Cumbria and Gwynedd, with a total capacity of 34.7MW as well as 3 projects on behalf of its partner BlackRock totalling 28MW. REG has around 200MW of projects in the planning system awaiting consent.
REG Bio-Power UK Ltd: based in Nottingham, UK: it operates electricity generation plant powered by fuel recovered from used cooking 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
About Caterpillar Financial Services
For over 30 years, Cat Financial, a wholly-owned subsidiary of Caterpillar Inc., has been providing financial service excellence to customers. The company offers a wide range of financing alternatives to customers and Cat® dealers for Cat machinery and engines, Solar® gas turbines and other equipment and marine vessels. Cat Financial has offices and subsidiaries located throughout North and South America, Asia, Australia and Europe, with its headquarters in Nashville, Tennessee, USA.
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