Re: Carnegie Collaboration Agreement

29 September 2010

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie Collaboration Agreement for Ireland Wave Energy Project

Please find below an announcement released on 29 September 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:

"Collaboration Agreement for Ireland Wave Energy Project

Wave Energy developer Carnegie Wave Energy Limited (ASX: CWE) is pleased to announce the signing of a formal Collaboration Agreement with Sustainable Energy Authority Ireland's (SEAI) Ocean Energy Development Unit (OEDU) to jointly develop a Wave Energy Project at the Belmullet Wave Energy Test Site, and other locations in Ireland (the "Ocean Energy Project").

The three year Agreement appoints Carnegie as a developer for the Ocean Energy Project and represents a major step forward towards the commercial testing and roll out of the CETO Wave Technology in Ireland.

Carnegie's Ireland-based and newly appointed Executive Director, Kieran O'Brien, said, "This represents the culmination of over 12 months of collaboration with the SEAI. Carnegie looks forward to continuing to work with the SEAI and the Project partners to plan, install and commission the commercial test site as the first step for commercial roll out of CETO in Ireland".

Carnegie's Managing Director and Chief Executive Officer, Dr Michael Ottaviano, said, "We are pleased to continue to make progress on targeting the most attractive locations for our initial CETO wave energy projects. The Irish Government has clearly signaled that wave energy is on the radar with grant and tariff incentives and aggressive targets."

To support the development of ocean energy, the Irish Government is providing dedicated grant funding to support research, development and deployment of ocean energy and has established a feed-in tariff of €220 per megawatt hour for ocean energy. Ireland has also set a National target to produce 33 percent of its energy from renewable sources by 2020 including specific ocean energy targets of 75 MW by 2012 and 500MW by 2020.

About SEAI

The Sustainable Energy Authority of Ireland (SEAI) was set up by the Irish Government in 2002 as Ireland's national energy authority. The SEAI's mission is to play a leading role in transforming Ireland into a society based on sustainable energy structures, technologies and practices.

About CETO

The CETO system distinguishes itself from other wave energy devices by operating out of sight and being anchored to the ocean floor. An array of submerged buoys is 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

For further information, please contact: