Solar Energy Licences

RNS Number : 2875P

Minoan Group PLC

14 July 2010

 



  14 July 2010

MINOAN GROUP PLC

("Minoan" or "the Company")

Solar Energy Licences

Minoan Group Plc is pleased to announce that following its review of the recently enacted new legislation for all renewable energy projects in Greece, the Company is to recommence its programme of acquiring, or applying for, solar energy licences.

Discussions regarding applications for additional licences and with providers of debt finance are ongoing with a view to further enhancing returns.

The Company remains firmly focused on meeting the twin targets of achieving carbon neutrality for the Cavo Sidero Project and creating additional, compatible businesses which will provide the net income to cover all Minoan's existing operating costs. The proposed structure will maintain the underlying value of the Cavo Sidero Project for shareholders.

Minoan Chairman, Christopher Egleton commented:

"As reported in my Chairman's Statement of 18 June 2010, it was necessary to carry out a detailed review of the recently enacted new legislation for all renewable energy projects in order to confirm the continued profitability and cash generating properties of the Company's proposed solar energy business. Following the positive outcome of this review, the Company has decided to progress its expansion into the solar energy sector. The income generated will underpin our development plans.

The potential to add further solar licences combined with the opportunities we are currently exploring within the tourism and leisure sector provide scope for significant income generation and growth. I look forward to further updating the market with developments in the coming months."

For further information visit www.minoangroup.comor contact:

Christopher Egleton                       Minoan Group Plc          [e-mail]

Bill Cole                                        Minoan Group Plc                                              01689 897397

Nicola Marrin                                Seymour Pierce Limited                                     020 7107 8000

Jeremy Stephenson                        Seymour Pierce Limited                                     020 7107 8072

Jon Levinson                                 Rivington Street Corporate Finance Ltd                07956 671131

Nick Rome/Michael Kinirons         Bishopsgate Communications Ltd                         020 7562 3350

 

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