Renewable Energy Generation Ltd Turbine Order (6964P)
June 10 2015 - 2:00AM
UK Regulatory
TIDMWIND
RNS Number : 6964P
Renewable Energy Generation Ltd
10 June 2015
10 June 2015
Renewable Energy Generation Limited ("the Company" or "REG")
Agreement with Gamesa to supply wind turbines for five UK
onshore projects totalling 38MW
Renewable Energy Generation Limited, the AIM quoted UK focused
multi-divisional renewables company, announces that it has entered
into agreements ('the Agreements') with leading global wind turbine
manufacturer Gamesa Eólica, S.L. ('Gamesa') to supply 19 wind
turbines for five of REG's consented UK onshore wind farm sites.
These have a combined capacity of 38MW and once commissioned, will
more than double REG's total wind power capacity to 72.7MW. The new
projects, which are due to be delivered over the coming 18 months,
are in line with the Company's strategy to operate a diversified
portfolio of 300MW of UK renewable energy projects, which includes
wind, solar and biopower, within three years.
Under the terms of the Agreements, Gamesa will manufacture,
erect and commission the turbines, and also provide long term
service and maintenance of the machines. The sites benefiting from
the agreements are French Farm (4MW), Rodbaston (4MW), Brackagh
Quarry (6MW), Mynydd Portref (12MW) and Hallburn Farm (12MW) in the
UK. The total combined annual output of all five projects, once
operational, will be 92,000MWh which will increase the company's
total annual wind power output to 183,000MWh. The capital cost of
all five projects is expected to be in the region of GBP48
million.
REG's CEO Andrew Whalley said, "REG is already a profitable,
multi-divisional renewables company, and these five new projects
will more than double our own-operated wind capacity in the UK to
72.7MW. Combined with our operational 26MW of bio-power projects,
and the wind and solar assets we operate on behalf of third parties
such as leading fund manager Blackrock, the total power generating
capacity under our management will hit 150MW. At this point, we
will be halfway towards achieving our stated objective to operate a
portfolio of 300MW over the next three years across our wind, bio,
solar and asset management divisions.
"As REG already has significant asset-backing with long term
visible revenue streams, the Company is in an excellent position to
capture the value created by our pipeline of projects for our
existing shareholders. I look forward to providing further updates
on our progress."
For further information please visit
www.renewableenergygeneration.co.uk or contact the following:
Andrew Whalley
Chief Executive Renewable Energy Generation +44 (0)1483 901
Officer Ltd 796
David Crockford Renewable Energy Generation +44 (0)1483 901
Finance Director Ltd 796
Ian Lawrence
Communications Renewable Energy Generation +44 (0)1483 901
Manager Ltd 796
+44 (0)20 7397
Bobbie Hilliam Cenkos (Broker) 8900
Smith & Williamson
Corporate Finance Limited +44 (0)117 376
Martyn Fraser (Nominated Adviser) 2213
St Brides Partners +44 (0)20 7236
Felicity Winkles (Public Relations) 1177
St Brides Partners +44 (0)20 7236
Frank Buhagiar (Public Relations) 1177
Notes to editors
Renewable Energy Generation Ltd (REG) is an AIM listed UK
focussed multi-divisional renewables company. The Company has four
distinct divisions: wind, bio-power, solar and asset management
which offer multiple revenue streams. REG currently operates 111MW
of power in UK and it is the Company's strategy to grow its
portfolio to 300MW across its four divisions in the next three
years.
REG Windpower: Currently operates 11 wind projects in
Cambridgeshire, Cornwall, County Durham, Yorkshire, Lancashire,
Cumbria and Gwynedd, with a total capacity of 34.7MW. REG has a
growing portfolio of wind sites ranging in size from single turbine
sites to six turbine wind farms. It has recently signed an
agreement with Gamesa Eólica, S.L, a leading global wind turbine
manufacturer, to supply 19 wind turbines for five new wind farm
sites which once in operation will see wholly owned wind power
operations almost double to 72.7MW. Furthermore REG has
approximately 200MW of wind projects in the planning system
awaiting consent.
REG Bio-Power UK Ltd: Generates renewable energy through a
patented bioliquid recovered from used cooking oil. REG operates
26MW in the UK to generate power and heat. Projects generate income
from sale of power; ROCs, LECs and embedded benefits; and contracts
with the National Grid STOR service.
REG Solar: Solar power generation in the UK, REG operates 4.5MW
solar PV on behalf of BlackRock through its Asset Management
division. REG has a further 61.6MW consented or in procurement.
REG Asset Management: Full spectrum construction and asset
management of wind and solar projects on behalf of third parties in
the UK. REG has 60.5MW of projects managed for BlackRock - 45MW
(+10MW pipeline) wind and 4.5MW solar with management fees linked
to % of revenue generated per project.
Furthermore REG works with best-in-class blue chip partners,
including BlackRock, the world leading fund management group,
Caterpillar, the world leading engineering group, and Veolia, the
UK leader in environmental solutions, to deliver its diversified
and profitable portfolio.
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
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