New short-term power purchase agreement
July 15 2010 - 7:36AM
RNS Non-Regulatory
TIDMWIND
Renewable Energy Generation Ltd
15 July 2010
?
15 July 2010
Renewable Energy Generation Ltd
New short-term power purchase agreement
Renewable Energy Generation Limited ("REG" or the "Company") (AIM: WIND), the UK
renewable energy group, today announces that it has agreed an extension to its
existing Power Purchase Agreements (PPAs) with Smartest Energy.
The extension covers output from the newly-acquired operating project at St
Breock, the additional capacity being built at Goonhilly and the Company's
development project at Loscar. The expected annualised total output subject to
the extended PPA is approximately 30 GWh.
The new PPA is effective immediately and runs through to March 2011 and is thus
harmonised with the expiry of the Company's existing output contracts. In due
course REG expects to put in place longer-term PPAs enabling the Company to take
advantage of attractive long term finance rates for wind power generation in the
UK. Additionally, the new PPAs allow the Group to take advantage of sharply
higher Winter 2010 electricity prices.
Commenting on developments, Andrew Whalley, Chief Executive Officer, said:
"The timely extension to our existing PPAs takes advantage of recent sharp rises
in electricity prices and allows us to synchronise all of our PPAs across the
Group.
"Later this year, we intend to refinance our operating portfolio at which point
a longer term agreement will be put in place covering the Group's total wind
power output. The implementation of long-term PPAs will facilitate project
financing and free up capital for the development of our new projects as they
progress through planning."
Ends
Enquiries:
+--------------------------------------------------+---------------+
| | +44 (0)1483 |
| Renewable Energy Generation Limited | 901 790 |
| Andrew Whalley, Chief Executive Officer | |
| David Crockford, Finance Director | |
| | |
+--------------------------------------------------+---------------+
| Piper Jaffray Limited - Corporate Broker | +44 (0)20 |
| Jens Rosebrock / Charlie Lilford | 3142 8700 |
| | |
+--------------------------------------------------+---------------+
| Hogarth Ltd | +44 (0)20 |
| Sarah MacLeod / Vicky Watkins | 7357 9477 |
| | |
+--------------------------------------------------+---------------+
Notes to Editors
Renewable Energy Generation Ltd (REG) is a UK orientated renewable energy group.
The Group's main business is the development, construction and operation of wind
farms in the UK and generating power from refined used cooking oil in the UK.
· The Cornwall Light & Power Co. Ltd: based in Cornwall, UK, it currently
operates eight wind projects in Cambridgeshire, Cornwall, County Durham, Cumbria
and Gwynedd, with a total capacity of 26.25MW and has a development pipeline of
around 350MW.
· REG Bio-Power UK Ltd: based in Nottingham, UK: it operates electricity
generation plant fuelled by waste vegetable oil.
Headquartered in Jersey, REG was admitted to trading on AIM, a market operated
by the London Stock Exchange, in May 2005 (AIM: WIND).
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRAEAFXSFDSEEFF
Renewable Eng. (LSE:WIND)
Historical Stock Chart
From Jun 2024 to Jul 2024
Renewable Eng. (LSE:WIND)
Historical Stock Chart
From Jul 2023 to Jul 2024