Re: Carnegie Irish CETO Site Licence Submission

20 December 2011

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie Irish CETO Site Licence Submission

Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor in, and operator of, European wind power, notes an announcement released on 20 December 2011 by Carnegie Wave Energy Limited, in which REH holds 232,600,000 fully paid ordinary shares, representing 25.8% of the entire issued share capital.

"20th December 2011

Irish CETO Site Licence Submission

·; County Clare identified as preferred Irish CETO demonstration site

·; Application for a wave energy Investigation Licence submitted to Irish Government

·; Activities to include marine and environmental surveys and detailed engineering

Wave energy developer Carnegie Wave Energy Limited (ASX:CWE) is pleased to announce that it has formally applied for a Foreshore Licence to continue investigations for a proposed 5MW CETO commercial demonstration project offshore from County Clare, Ireland.

Carnegie, through its Irish subsidiary CETO Wave Energy Ireland (CWE Ireland), recently completed a detailed site evaluation and conceptual design study. The study identified two potential near-shore sites for further development. Having further assessed the two potential sites in consultation with the Sustainable Energy Authority of Ireland (SEAI), CWE Ireland has now formally applied to the Department of Environment, Heritage and Local Government for a Foreshore Licence covering an area between Freagh Point and Spanish Point off County Clare.

Carnegie's Dublin-based Executive Director of European Business Development, Kieran O'Brien said:

"Securing a Foreshore Licence over the Clare site will provide Carnegie with the confidence to invest the time and resources to further develop the Project through environmental surveys and detailed engineering. Carnegie is pleased to be one of the few local organisations currently leading the development and introduction of Ocean Energy in Ireland."

Eoin Sweeney, Head of Department of SEAI's Ocean Energy Development Unit, said:

"SEAI have been working with CWE Ireland for some time as a collaborator on the Ocean Energy Project and welcome the application for a Foreshore Licence to further investigate a CETO demonstration project. Carnegie's activities directly support Ireland's national objectives for the development of a marine energy industry in Ireland."

Peter Coyle, Chairman of the Ireland Marine Renewable Industry Association (MRIA) said:

"The MRIA is pleased to see a leading international wave energy developer continuing to invest and pursue the development of its CETO commercial demonstration project in Ireland and ensure marine energy development takes place in the Irish market."

About CWE Ireland

CWE Ireland is a 100% owned subsidiary of Australian based Carnegie Wave Energy Limited and was formed to develop wave energy projects in Ireland utilising Carnegie's proprietary CETO wave energy technology. In October 2010, Carnegie signed a formal Collaboration Agreement with the SEAI's Ocean Energy Development Unit to support the development of the wave energy test site project at Belmullet. In December 2010, SEAI and Carnegie conducted a jointly funded site assessment and conceptual design study for a potential 5MW CETO power project in Irish waters. The study was undertaken by RPS Consulting Engineers and completed in June 2011 identifying two potential sites, including that in County Clare, for a commercial demonstration project.

About Marine Renewable Industry Association (MRIA)

The MRIA represents Ireland's marine renewables community in the fields of wave and tidal Energy. The Association includes firms engaged in device development and manufacture, developers of projects and sites based on Marine Renewables, academic researchers, consultants, professional firms and contractors as well as interested individuals. The Association is an all-island body.

About Carnegie

Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE) wave energy technology developer. Carnegie is the 100% owner and developer of the CETO Wave Energy Technology intellectual property."

Ends

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