Re: Carnegie Irish Study Completed

5 August 2011

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie Irish Study Completed and Payment Received

Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor in, and operator of, European wind power, notes an announcement released on 5 August 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.

"5th August 2011

Irish Study Completed and Payment Received

·; Irish CETO commercial demonstration project study completed

·; Two preferred near-shore sites identified for further development

·; Project financially viable with existing Irish incentives

Wave energy developer Carnegie Wave Energy Limited (ASX:CWE) has completed its detailed site evaluation and conceptual design study of a proposed 5MW CETO commercial demonstration project in Irish waters.

The conceptual design and site project study was 50% funded by the Irish Government's Sustainable Energy Authority of Ireland (SEAI) under the Ocean Energy Prototype Research and Development Programme. Payment from SEAI has now been received by Carnegie's local subsidiary, CWE Ireland, following project completion.

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

"Completion of this project is an important first step in the development of a CETO commercial demonstration project in Atlantic waters off Ireland. Carnegie will continue to work alongside the Irish Government and key stakeholders to progress the project and the marine energy industry in Ireland."

The two studies were undertaken by RPS Consulting Engineers and assessed a number of potential near-shore sites along the west coast of Ireland. Potential sites were assessed through a detailed site evaluation study considering a number of key factors including wave resource, grid connectivity, constructability and environmental sensitivities. The study identified the two most promising sites for a commercial demonstration project.

A site specific conceptual design was then developed that looked at the complete CETO system design from the near-shore CETO unit array to the onshore power plant. This concluded that a CETO wave energy project is viable with existing Irish ocean energy incentives including the 500MW ocean energy target, grant support and the ocean energy feed-in-tariff.

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

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."

Ends

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