Re: Carnegie $5m Underwritten Share Purchase Plan

12 November 2010

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie $5 million Underwritten Share Purchase Plan

Please find below an announcement released on 12 November 2010 by Carnegie Wave Energy Limited, in which REH holds 232,600,000 fully paid ordinary shares, representing 29.06% of the entire issued share capital:

"12th November 2010

Carnegie Wave Energy Limited

$5 million Underwritten Share Purchase Plan

Wave energy developer, Carnegie Wave Energy Limited (ASX:CWE), is pleased to announce a capital raising via a Share Purchase Plan ("SPP") underwritten to $5 million by Blackswan Equities Limited.

The SPP will allow all existing Carnegie shareholders holding shares on the record date of 11 November 2010 to purchase from $5,000 up to $15,000 worth of shares at 10c per share.

Based on the share price at close of trading on 9 November 2010, the offer price equates approximately to a 20% discount to the 5 day average share price and a 26% discount to the 10 day VWAP. Oversubscriptions of a further $3 million will be accepted.

The funds will be used to pursue site development opportunities, desalination technology development and to fund working capital beyond the current commercial scale CETO unit deployment and testing, the results of which are due in Quarter 1, 2011.

Carnegie's Managing Director, Dr Michael Ottaviano, said:

"We are delighted to have secured the support of Blackswan Equities to underwrite this capital raising which provides our existing shareholders with the opportunity to purchase additional shares at a discount to the market price. The funds will allow us to create value via site development activities and our recently announced desalination project at the National Centre of Excellence in Desalination, as well as for working capital."

Full details of the SPP including offer and acceptance forms will be sent to all shareholders shortly. The offer is planned to open on 15 November 2010 and is expected to close on 21 December 2010.

The Company is not aware of any reason why the ASX would not allow trading to recommence immediately.

About Carnegie

Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE) wave energy technology developer. Carnegie is the owner and developer of the CETO Wave Energy Technology intellectual property.

About CETO

The CETO system is the only fully submerged, ocean tested wave technology that generates electricity and freshwater onshore. CETO consists of arrays of submerged buoys tethered to seabed pump units.

The buoys move in harmony with the motion of the passing waves, driving the pumps which in turn pressurise water that is delivered ashore via a pipeline. High-pressure water is used to drive hydroelectric turbines, generating zero-emission electricity. The high-pressure water can also be used to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting electrically driven pumps usually required for such plants.

CETO Technology characteristics include:

·; CETO converts wave energy into zero-emission electricity and desalinated water

·; CETO is environmentally friendly, has no visual impact and attracts marine life

·; CETO is fully submerged in deep water away from popular surf breaks."

Ends

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