Re: Carnegie Share Purchase Plan raises over $6m

24 December 2010

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie Share Purchase Plan raises over $6 million

Please find below an announcement released on 24 December 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:

"24 December 2010

Share Purchase Plan raises over $6 million

Carnegie Wave Energy Limited (ASX: CWE) is pleased to announce that its Share Purchase Plan has closed oversubscribed and raised approximately $6.2 million.

Carnegie had previously announced that it had initiated a capital raising via a Share Purchase Plan ("SPP") underwritten to $5 million by Blackswan Equities Limited.

Carnegie's Board of Directors has decided to accept over-subscriptions to allow all subscribing shareholders to participate.

Carnegie's Managing Director, Dr Michael Ottaviano, said:

"We are delighted with the enthusiastic response of our shareholders which has exceeded our expectations. The company is looking forward to an exciting 2011."

The funds will be used to pursue project development opportunities, technology development and to fund working capital beyond the current commercial scale CETO unit deployment and testing, the results of which are due in Quarter 1, 2011.

Settlement of SPP funds and issue of shares will occur during the week commencing

Wednesday 29 December 2010.

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 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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