Re: Wave Monitoring Buoy Successfully Deployed

8 April 2011

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Wave Monitoring Buoy Successfully Deployed

Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor in, and operator of, European wind power, notes an announcement released on 8 April 2011 by Carnegie Wave Energy Limited, in which REH holds 232,600,000 fully paid ordinary shares, representing 27.0% of the entire issued share capital.

"8 April 2011

Wave Monitoring Buoy Successfully Deployed off Bermuda

·; Successful commissioning of wave monitoring buoy off Bermuda

·; Key step in assessing the feasibility for a CETO wave energy plant

·; First direct measurement of the wave resource in Bermuda

Carnegie Wave Energy Limited (ASX:CWE) and its Bermudan based developer Triton Renewable Energy Limited ('Triton') are pleased to announce the successful deployment and commissioning of a wave monitoring buoy off the south shore of Bermuda.

The purpose of this deployment is to gather data in order to quantify the wave energy resource in support of a potential CETO wave energy project in Bermuda. Such a project will be capable of producing electricity as well as desalinated water from an untapped and abundant renewable energy resource. The wave buoy will be moored for a minimum period of 12 months. The wave data collected will be shared with the Bermudian public, through the partnership with BAS-Serco's Bermuda Weather Service.

Carnegie's Site Development Manager Tim Sawyer said,

"Deployment of Carnegie's wave monitoring buoy off Bermuda, through the partnership of Carnegie, Triton and BAS-Serco, is critical to determining the local wave resource and is a key step in assessing the feasibility for, and design of, a commercial scale CETO wave energy plant off Bermuda".

Triton's Managing Director Tim Hasselbring said,

"This is an exciting step forward for a project that stands to be of great benefit to Bermuda. Obtaining this data is essential to the project, since up until now there has been no direct measurement of the wave resource in Bermuda."

Carnegie and Triton have previously signed a Memorandum of Understanding ('MOU') to develop a commercial CETO wave energy project. Project pre-feasibility and environmental studies have subsequently been completed.

The project has also been selected by the Bermuda Electric Light Company Ltd ('BELCO') as a preferred renewable energy project in February 2009 following submission of a Statement of Intent for an initial 2MW demonstration project followed by expansion to the 20MW installation. BELCO is Bermuda's sole supplier of electricity, operating a generating plant and transmission and distribution systems throughout the Island. The power tariff on Bermuda is in excess of US40c/kWh.

About Triton

Triton Renewable Energy Ltd. is a Bermuda-owned company specialising in renewable energy project development. It is made up of Bermuda-based environmental experts and business people, whose goal is to pioneer the generation of clean, renewable ocean energy in Bermuda. Triton is currently working in partnership with Carnegie Wave Energy Ltd to investigate the potential for a commercial scale CETO wave farm in Bermuda capable of producing electricity, as well as the generation of a reliable freshwater supply for the Island. Project pre-feasibility and environmental scoping have already been undertaken and the project has also been selected by the Bermuda Electric Light Company Ltd ('BELCO') as a preferred renewable energy project in February 2009.

About BAS-Serco

BAS-Serco, a Bermudian joint venture company, was established in 1997 between Bermuda Aviation Services (BAS) and Serco Management Services Inc. (a Serco Group Inc. company). Formed in response to Bermuda's growing demand for outsourced services, BAS-Serco leverages the resources and expertise of a highly regarded Bermuda-based service company and a leading international task management contractor.

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.

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

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