Re: Carnegie Board of Directors Changes

18 February 2011

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie Board of Directors Changes

Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor in, and operator of, European wind power, notes an announcement released on 18 February 2011 by Carnegie Wave Energy Limited, in which REH holds 232,600,000 fully paid ordinary shares, representing 27.08% of the entire issued share capital.

"18th February 2011

Board of Directors Changes

Carnegie Wave Energy Limited (ASX:CWE) is pleased to announce the appointment of Mr Greg Bourne to its Board of Directors in a nonexecutive role.

Mr Bourne was previously President of BP Australasia where he was responsible for their refinery operations. During this time, he oversaw significant growth in their solar photovoltaic's business and more recently, has held the role of Chief Executive Officer of World Wide Fund for Nature (WWF) in Australia.

Prior to this, Mr Bourne held President and General Manager roles for BP in Latin America, Scotland and Australia. He sits on a number of Australian Government advisory committees and has also been a special adviser to former UK Prime Minister Margaret Thatcher on energy and transportation issues. He has a Honours degree in Chemistry and an honourary doctorate from the University of Western Australia.

Mr Bourne said:

"I am delighted to be joining the Board of Carnegie at such an exciting time. Having previously participated in the growth of renewables from within the energy industry and advocated for greater penetration of renewables from within the environmental movement; I am confident that the CETO wave technology will not only prove to be a technical and commercial winner but will also be adopted widely."

"The CWE team are a dynamic and committed force and I am looking forward to contributing strongly to the Company's success." Following the appointment of Mr Clive Callister as a representative of Carnegie's major shareholder Renewable Energy Holdings Plc (REH) in November 2010, Mr Mike Proffitt has now resigned from the Carnegie Board as an REH representative.

Carnegie's Chairman, Mr Grant Mooney said:

"We are delighted to welcome Greg onto our Board and to be able to draw upon his extraordinary depth of experience and expertise from the energy industry, environmental advocacy and Government advisory. We also thank Mike for his efforts as a valued member of the Board since 2008."

Mike Proffitt, Chief Executive of REH, said:

"I firmly believe in the value potential for the Carnegie wave technology and have enjoyed my time on the Board, however given my work commitments with REH and the fact that as a major shareholder in Carnegie, the Company still has representation through Clive Callister, REH's Asset Management & Technical Services Director; I believe the interests of REH will still be served."

Ends

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