Re Carnegie Safety Approvals Secured

11 December 2012

Renewable Energy Holdings plc

("REH" or the "Company")

Re Carnegie Safety Approvals Secured

Renewable Energy Holdings plc (AIM: REH) notes an announcement released 11 December 2012 by Carnegie Wave Energy Limited, in which REH holds 101,330,192 paid ordinary shares, representing 8.53% of the entire issued share capital.

"11th December 2012

Environmental and Maritime Safety Approvals Secured

for Carnegie's Perth Wave Energy Project

·; WA Environmental Protection Authority and Australian Department of Defence grant environmental approvals

·; WA Department of Transport grant maritime safety approvals

·; Low potential risk to environment through project design and comprehensive environmental management

Wave energy developer, Carnegie Wave Energy Limited (ASX: CWE), is pleased to advise that it has secured environmental and maritime safety approvals for its Perth Wave Energy Project (PWEP).

Over the last two years, Carnegie has undertaken extensive environmental impact assessment of all elements of the PWEP using a combination of in-house expertise and external consultants. Two environmental management plans, covering marine and terrestrial elements, have been completed, applying industry best practice to ensure that any potential impacts are minimal and confined to the smallest possible areas. These have been supplemented by detailed surveys and assessment of seabed habitat, marine fauna, onshore and offshore terrain and coastal processes.

The marine elements of the PWEP were referred by Carnegie to the WA Environmental Protection Authority (EPA) under Part IV of the Environmental Protection Act 1986. On Monday, 10 December 2012, the EPA announced an outcome of 'Not assessed: public advice given' noting that "potential impacts not significant and can be managed under Marine Environmental Management Plan and through other government processes."

Maritime safety approvals related to the deployment and operation of the CETO units and offshore pipelines were also received from the WA Department of Transport in August 2012.

Onshore environmental approvals for the PWEP have been provided by the Department of Defence through an Environmental Clearance Certificate (ECC). The ECC was issued on 28 November 2012, noting that "the proposal has been assessed and is considered not likely to cause any significant environmental impacts on the environment, in particular under the EPBC Act with respect to matters of national significance and Sections 26-28 relating to actions by Commonwealth agencies and impacting on Commonwealth land."

Carnegie's Project Development Officer, Mr Tim Sawyer, said, "We're very pleased with the outcome following our commitment to carry out our environmental management to the highest standards, supported by extensive and ongoing community consultation".

Carnegie's CEO, Dr. Michael Ottaviano, said, "Carnegie has designed CETO with zero visual impact and to be as environmentally friendly as possible. We are pleased to receive these key approvals which allow construction to begin in Quarter 1, 2013".

The Perth Project is on track for completion of detailed design by the end of 2012.

Perth Wave Energy Project Fact File

·; Upon completion the PWEP will be Australia's first commercial-scale CETO grid-connected wave energy project.

·; The Project received funding from the Australian Government as part of the Australian Centre for Renewable Energy's Emerging Renewables Program.

·; The Perth Wave Energy Project is supported by $7.76m from the Government of Western Australia's Low Emissions Energy Development (LEED) Fund. This is part of a larger $10.45m LEED grant, awarded to Carnegie by the WA Government, to support the development of the CETO technology from concept through to completion of the PWEP.

·; Government grant funding slightly more than 50% of overall Project costs.

·; Utilising Carnegie's fully submerged and commercial proven CETO wave energy device.

·; Providing clean, renewable energy to Australia's largest naval base, HMAS Stirling, on Garden Island in Western Australia.

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.

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 fully 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.

On shore, 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 ocean wave energy into zero-emission electricity and desalinated water.

·; CETO is environmentally friendly, has minimal visual impact and attracts marine life.

·; CETO is fully submerged in deep water away from breaking waves, beachgoers and where it is safe from storms."

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